With regulatory hurdles in Central Florida taking over two years and construction itself adding another 18 months, the supply of new apartment rentals is well behind demand targeted by the Florida Apartment Association to be 55,000 additional apartment units needed by 2030. Regulators are aware of the red tape, and while some may be willing to address the problem, progress is painfully slow leaving local governments with the political pressure for stop gap measures like subsidies and rent control, which don’t address the fundamental issue – the supply/demand balance. Now is the time for a Fast-Track Program designed to greenlight apartment projects currently in the queue.
Originally posted for the Orlando Sentinel’s Central Florida 100.