March, 2024

Amidst ongoing efforts to address Florida’s housing shortage, recent changes to the Live Local Act promise significant benefits for developers involved in affordable housing projects. The amended legislation, which recently passed with a resounding 112-1 vote in the state House, is poised to bolster the state’s housing initiatives pending Governor Ron DeSantis’ signature. Originally enacted to alleviate housing shortages, particularly exacerbated by increased migration and soaring rent prices, the Live Local Act offers tax breaks and regulatory incentives to developers aiming to construct affordable and workforce-priced rentals.

However, loopholes in the initial legislation left certain restrictions intact, hindering its efficacy. Notably, restrictions on floor area ratio (FAR) and parking requirements remained unaddressed, limiting the potential height and density benefits for developers. With the latest amendments, Live Local Act projects can now exceed existing FAR limitations by up to 150%, providing developers with greater flexibility in project design and scale. 

Moreover, the updated legislation introduces reductions in parking requirements for qualifying projects, particularly those situated near major transportation hubs or within transit-oriented developments. These adjustments aim to encourage transit-oriented development and reduce reliance on personal vehicles, aligning with broader sustainability goals. 

While the amended Live Local Act holds promise for developers, it has sparked debate and contention among municipal officials and residents. Concerns regarding the circumvention of zoning regulations and potential impacts on local communities have prompted pushback in some areas, exemplified by the recent dispute in Bal Harbour. Nonetheless, legal experts anticipate a surge in development proposals following the legislative amendments, heralding a new chapter in Florida’s housing landscape.

Looking ahead, the Live Local Act’s evolution is far from over, with future legislative sessions expected to address further amendments and refinements. As Florida continues to grapple with housing challenges, policymakers, developers, and communities must navigate a complex landscape to ensure equitable and sustainable housing solutions for all residents. 

Source: The Real Deal – https://therealdeal.com/miami/2024/02/28/florida-legislature-approves-live-local-act-amendments/