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By Peter Schorsch | February 2, 2021
The Sadowski Coalition today will release an economic study that shows using affordable housing funding for housing would create thousands of jobs and put millions into state and local coffers.
“An Economic Analysis of the Florida Housing Programs,” produced by the Regional Economic Consulting Group, analyzed the economic impact of using the state and local housing trust funds solely for housing, as it relates to Florida’s GDP, employment, output, state and local taxes, and personal income generated through direct, indirect and induced impacts.
“This study shows us that using the Sadowski trust fund money for housing creates revenue for Florida,” said Jaimie Ross, facilitator of the Sadowski Coalition and president of the Florida Housing Coalition. “With every dollar spent, there’s a 40% return on investment, in addition to producing desperately needed housing.
“The impact of using these funds for housing is significant. It’s clear that the benefit of using all the money in the trust funds for housing is not just for those that need housing; it’s also for the state. More than $167 million in taxes would be collected and returned to Florida by using $423.3 million for housing. The same can’t be said if those funds are swept and used for other purposes, and that substantial of a return shouldn’t be ignored.”
Overall, the study concludes the full allocation would house 47,845 people, create 33,286 jobs and have a $5 billion economic impact.
“New housing construction creates tremendous benefits for Florida workers, businesses, and the economy as a whole. The Florida Chamber and the Sadowski Coalition have always known that building new housing options for our growing communities would lower the cost of living and increase the number of jobs in our state,” said Christopher Emmanuel, director of infrastructure and governance policy at the Florida Chamber of Commerce. “Now, through the work of the Sadowski Coalition and the researchers at REC Group, we have a better idea of the economic impact of these important funds.”
Article last accessed here on February 3, 2021. A print-ready version is available here.