Two Dade commissioners are proposing to take advantage of the real estate boom by taxing developers of large scale projects in Miami to pay for affordable housing.
Xavier Suarez and Barbara Jordan are working on separate proposals for a tax on new development.
Suarez’s proposal would cost $7.50 per square foot for any project that is larger than 100,000 square feet, according to the Miami Times. The funds would be deposited into the Affordable Housing Trust Fund, which would also get an annual $50 million infusion from the county general fund courtesy of Dade property owners.
Jordan is proposing to make mandatory a requirement that developers either pay into the Workforce Housing Trust Fund or build workforce housing. A proposal to make it mandatory was killed in 2007.
The Affordable Housing Trust Fund already receives funding from Documentary Stamp Taxes charged on the sale of commercial properties in Dade. That funding topped out at $48 million in 2014.