More Affordable Housing coming to Sarasota's Rosemary District (North Port, Golf: for rent, car insurance)

[Sunshine Rules]

Lofts on Lemon is the latest promised development to address some of the affordable housing issues of downtown Sarasota.


From the article: Additional funds could allow them to increase the number of total units to 130, with 80 designated as affordable housing for families of three earning less than $37,980 per year, and another 50 being workforce housing for families of three earning roughly $50,000 per year, or 80 percent of the area’s median income. They would both be 2 bedroom units and would have rents of $949 and $1,266 per month.

A portion of the units will provide preference for what Brody is calling “hometown heroes” — aka first responders, teachers, nurses and members of public service who are “desperate to live closer to the community they serve.”


Here's the link: More affordable housing coming to Sarasota's Rosemary District - News - Sarasota Herald-Tribune - Sarasota, FL



I hope this planned development does get past the planning stages, as affordable housing within the downtown area is definitely needed in the sea of luxury condominiums.

[beach43ofus]

So long as the costs are contained within the /city of Sarasota and don't spread to the County, I'm okay with it.

[photoman_6]

so at 50000 max, rent could be 15000. when you factor in fedeeral taxes, you are netting maybe 40-45k per year, which means 1/3 of that goes right to rent., leaving you at best 2500 per month for food, caar and car insurance, clothing, education, etc. etc.
Great bargain.

[gypsychic]

Originally Posted by photoman_6

so at 50000 max, rent could be 15000. when you factor in fedeeral taxes, you are netting maybe 40-45k per year, which means 1/3 of that goes right to rent., leaving you at best 2500 per month for food, caar and car insurance, clothing, education, etc. etc.
Great bargain.

It is compared to what's out there right now. Most people DO spend 1/3 or more of their income for rent or housing costs, anyway so it's about right.

[loves2read]

This area because of its demographics does have very righ housing costs to avg income

[blueherons]

A household bringing in $50,000 gross cannot afford $1000-$1300 rent per month.

That's not affordable.

[beach43ofus]

How much more tax dollars/year are the City of Sarasota residents willing to pay for this?

You realize that the City Pension fund is $100,000,000+ underwater. Pensions take up ~14% of the City's budget, and the % grows nearly every year. The long term financial well being of the City is C- at best. One bad grade from a D.

The City's 2017-18 annual budget spent $1,000,000 more than it took in, last I read. So, there's a short-term deficit too.

So, where's the money for this housing project going to come from? Tax increases, that's where.

Rising property valuations will increase property tax revenues, which will help the City's finances to some degree, but cost homeowners more. So, you are already going to see increases in your property tax bills w/o taking this housing project on.

I realize there's a need for more affordable housing for the working class in Sarasota, but its residents must understand the financial situation their City officials (past and present) have put them in to. It's not dire yet, but its heading in that way.

Taking on any new, and additional, spending w/o first fixing the Pension shortfall is unwise. Spending should be capped at 2016-17 levels while property tax revenues increase, and the surplusses should go directly to Pension funding until the Pension's financial health is rated "A" by Moody's.

Sorry to have to be the one that opens your eyes to the big picture of the City's finances, but their credit cards are maxed out. They should stop wasting cash on Bobby Jones Golf Course, and sell-off the land to fund the Pensions. They should shelve this housing project until the City finances improve. Encourage Mote to vacate City Island so a more lucrative enterprise can be placed there that yields higher tax revenues. Some portion of the added tax revenues from the Island could help fund a housing project like this.

[logybogy]

There's plenty of affordable housing in Sarasota county. It's called North Port. Like everywhere else in the country, if you want cheaper homes you are going to have to commute a long way from the city center. This is a nationwide problem without easy solutions.But generally you need more supply and that means higher densities and larger buildings that NIMBYS don't want because of traffic. North Port has lots of supply since tens of thousands of these lots were platted 50 years ago and that supply keeps prices low.