By: Gary Saul , Nancy B. Lash, Iris Escarra, Andrew C. Sharpe of Greenberg Traurig, LLPFebruary 6, 2024
- Live Local Act likely to stimulate affordable housing development – Following last year’s implementation of Florida’s Live Local Act, which aims to increase the supply of affordable housing statewide, we expect to see developers look to take advantage of the program’s tax credits and exemptions. More Live Local projects will likely move forward in 2024, particularly in non-urban-core communities such as Homestead, Kendall, West Broward, and Lake Worth.
- More investment in transit and infrastructure – Amid the recent and ongoing expansions to Tri-Rail and Brightline, areas outside South Florida’s eastern urban core markets are now attracting higher-density developments within designated transit station zones. We expect that momentum to carry over into the new year throughout Miami-Dade, Broward, and Palm Beach counties, where local officials are generally supportive of securing funding for transit and infrastructure projects as the region’s population continues to grow.
