The article about unaffordable rents in Greater Miami failed to mention the most important reason — outrageously high property taxes and insurance make it impossible to keep rents reasonable. The price of homes in South Florida is significantly less than in New York or San Francisco.
In Miami, the taxes and insurance are frequently higher than the mortgage payment landlords face. It isn’t about having great services in South Florida. It is about paying our municipal employees fat pensions, high salaries and low-cost health care benefits.
Until that changes, Miami will be unaffordable.
Katherine L. Newman, Coral Gables