Writer: Andrea Teran
2 min read January 2024 — Similar to other U.S. markets on an upward trajectory, Tampa Bay is doubling down on efforts to create more affordable housing options for residents.
“We work hard every day, to ensure that individuals have a roof over their head,” Tampa Mayor Jane Castor recently remarked at the Suncoast Tiger Bay’s annual State of the Bay, where mayors from Tampa, St. Petersburg, and Clearwater outlined ambitious plans.
Castor emphasized the administration’s commitment to adding 10,000 affordable homes by 2027, a challenging yet vital goal for the city’s growing population. Similarly, St. Petersburg Mayor Ken Welch announced his goal of preserving and creating 8,000 affordable housing units by 2030. These initiatives highlight the regional emphasis on affordable living solutions.
A significant focus is the redevelopment of St. Petersburg’s Tropicana Field and the Historic Gas Plant District. This project includes a new $1.3 billion stadium, partially subsidized with public dollars, and aims to provide economic advancement and inclusion for the community. However, concerns have been raised about the enforcement of affordable housing commitments within this project. The St. Petersburg Community Benefits Advisory Council is advocating for stricter penalties if the promised number of affordable homes are not built, ensuring the project benefits the community as intended.
In Tampa, the City Council has approved a budget of $12 million for affordable housing, more than doubling the previous year’s allocation. This decision reflects the city’s recognition of the growing housing crisis, as Tampa Bay continues to be one of the country’s hottest housing markets.
Echoing the severity of the situation, Robin Lockett, regional director of housing advocacy Florida Rising, highlighted the harsh realities faced by many residents. “Everyday people are getting evicted. Their rent is being increased. They are on the verge of homelessness,” Lockett told Fox 13 News.
The city of Clearwater, under the leadership of Mayor Brian Aungst Sr., is navigating changes in the Philadelphia Phillies’ ownership that affects the club’s BayCare Ballpark and spring training complex’s redevelopment. The initial plan included a $570 million complex with residential, dining, and shopping facilities. However, these plans are now being reevaluated and have been scaled down to focus on a $60 million to $65 million initial phase.
The challenge to create affordable housing is not confined to Tampa Bay but resonates throughout the state of Florida. The Invest: Palm Beach 2023-2024 publication, designed to provide in-depth insights and promote the region as an attractive investment and business hub, underscores this with 31 separate mentions of affordable housing by local leaders and writers throughout the book.
Tampa Bay’s housing market, which ranks as the No. 10 hottest market by Zillow, enters an uncertain year marked by higher interest rates impacting the cost of mortgages and continued growth for a region attracting new industries and businesses.
For more information, please visit:
