Shimberg Study Reveals Growing Affordable Housing Shortage
The Shimberg Center for Housing Studies has released its annual report for 2024. Palm Beach, Broward, and Miami-Dade Counties continue to have the largest need for affordable housing in the State, followed by Martin, Manatee, and Polk Counties. Overall, the study shows a state-wide deficit of 98,319 units.
Importantly, the Shimberg Study determines whether a taxing authority is eligible to opt-out of the Live Local Act’s “middle market” tax exemption. As a reminder, the Live Local Act created the “middle market” tax exemption which permits qualifying housing developments with 71 or more units to receive a 75% ad valorem tax exemption. If the most recent Shimberg Study determines there is a surplus of affordable housing units in a particular county, taxing authorities within that county are eligible to opt-out of the “middle market” tax exemption.
The results of the 2024 Shimberg Study clearly demonstrate that the need for affordable housing units continues to grow. Last year, taxing authorities within 49 counties were eligible to opt-out of the “middle market” tax exemption program. This year, that number fell to 34 counties.
