A scarcity of developable land and an influx of wealthy migrants has spiraled South Florida’s affordable housing crisis out of control so fast that it has surprised even the most experienced local developers.
“There’s a whole a population of people out there who none of us typically think of as being cost burdened, or, you know, stressed to be able to afford an apartment,” PTM Partners CEO Michael Tillman said at Bisnow’s multifamily conference at the Margaritaville resort in Fort Lauderdale earlier this month.