The mayor of Miami-Dade County wants to leverage the bond market to create a fund that will finance affordable housing projects. Mayor Daniella Levine Cava will propose a new property tax-backed debt package later this year that would raise $2.5 billion.
Other cities have also tapped into the bond markets to handle their housing crises. For instance, New York City sold $700 million in social bonds in October 2023 to help pay for affordable housing. Los Angeles Mayor Karen Bass has acted to streamline affordable housing projects through an executive order.
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