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A movement to solve South Florida's housing crisis.
The Small Site Big Impact (SSBI) Project is a coalition of commercial real estate owners across Broward County, aligned in redeveloping their sites to build housing in our communities.
Commercial properties are struggling the most in the post-pandemic era. Broward's economic recovery has been wildly uneven for its residents, including owners of smaller commercial properties, due to high vacancies, low patronage, and decreasing valuations.
The County saw a drop in office space net absorptions, despite the stellar performance of neighboring counties benefiting from the move of businesses to South Florida.
The SSBI Project helps commercial property owners to reposition their property to a higher demand use—housing.
Broward County is in a housing crisis. Prices for single-family homes and condos in Miami-Dade County and Broward County increased between 9% and 14% in November compared to the same month in 2021.
According to the MIAMI Association of Realtors July 2022 Report, Broward County’s median single-family sales price now stands at $600,000, 9.8 times the County’s median household income and nearly triple what a Broward County household earning the median household income could afford.
The 2022 Affordable Housing Needs Assessment reports worse conditions for renters in Broward County. Rent rates are rising in all apartment types, with high-end properties leading the way in recent rent gains. Also, most municipalities have seen over 30 percent 2021-2022 year-over-year increases in asking rents.
Conditions are even worse for renters. According to the Joint Center for Housing Studies at Harvard University, nearly two of three renters in Palm Beach, Broward, and Miami-Dade counties are devoting more than 30 percent of their incomes to housing costs.
The SSBI Project and commercial property owners work together to change the housing landscape in our communities.
