The South Florida Business Journal recently reported on the ongoing challenges facing workforce housing development in South Florida, from rising construction costs to financing gaps and zoning barriers. The article also examines the promise of the Live Local Act, which aims to accelerate housing production but has yet to deliver results at scale due to implementation and underwriting hurdles.
While the legislation offers key tools like zoning overrides and property tax incentives, many lenders are still hesitant to underwrite deals that factor in these newer provisions. That hesitation is slowing down the very housing production the Act is meant to encourage.
“It will be a while before that’s flushed out and, in the meantime, you aren’t getting workforce housing production, which is what the Live Local Act was intended to do,” Pinnacle partner Hugo Pacanins told the Business Journal.
At Pinnacle, we’re continuing to work closely with our public-sector partners to bridge the gap between policy and real-world development, bringing more attainable housing to communities across South Florida.
