Miami-Dade’s mayor hopes to go to the voters to okay a bond package for affordable housing. Mayor Daniella Levine Cava will propose the new property tax-backed debt package to voters later this year. $800 million will go to a fund that will finance affordable housing projects.

Home prices in the Miami area have surged 82% over the past five years due to a steady inflow of wealthy newcomers, squeezing out those who can’t afford it. Miami-Dade county’s population has remained relatively stable since 2020, while traffic congestion soared and the percentage of people rent-burdened is among the highest in the nation.

Miami isn’t alone in tapping bond markets to alleviate housing issues. Cities across the US have grappled with how to boost affordable housing as home prices have gone up. Telluride, Nantucket and New York have all asked voters to approve more spending for affordable housing.

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