Many factors are involved in solving affordable housing issue
CEOs were asked: The city of Miami is unveiling a plan to build more affordable housing. Often times, developers say they simply cannot make the math work out on an affordable housing project. Yet the need appears real. How should the issue of housing affordability be addressed?
It must be addressed twofold: Containing costs and providing prospective homeowners with fair and appropriate financing options. I have been a champion of fair lending practices for decades since our region has sadly been a target of predatory lending tactics. We also have some leading developers who are championing the inclusion of affordable housing in their new construction projects, especially in the urban core, and these companies should be celebrated and others should emulate their approaches. It is possible to achieve this balance. Developers need to be part of the solution and bring innovative ideas that foster affordability. It is also imperative that our cities create more partnerships with businesses and nonprofits which can lead to creative housing solutions. I think cities can still improve in-fill housing programs. Neighborhoods free of empty lots or decaying homes are better and safer.
Bernie Navarro, founder and president, Benworth Capital Partners.