There’s a quiet building boom taking place in South Florida, but it’s nothing like the mid-decade condo rush that ended in an epic economic bust.
The new towers going up today are not being built on the water for the affluent, but on the chipped sidewalks of gritty neighborhoods for the region’s poorest families.
The 2009 federal stimulus package and other government programs aimed at fixing the housing crisis have helped boost the affordable housing sector, which uses government funds to build rental communities for low-income residents. It’s the only sector of South Florida’s housing market in which demand is outpacing supply, analysts say, and thousands of new units are currently being constructed.
via Building boom in affordable housing underway in South Florida