- Wealthy transplants mean housing costs have nearly doubled
- An income up to $137,620 can qualify for subsidized housing
Florida’s Palm Beach has lured some of the world’s wealthiest and most powerful people with its palatial, oceanfront estates home to presidential hopefuls, hedge-fund titans and real-estate tycoons.
Now, one of the nation’s richest counties is asking investors for $95 million to make sure teachers, firefighters and garbage men have a place to live there too.
Palm Beach County is expected to offer property-tax backed municipal bonds to finance low-interest loans for developers building affordable and workforce housing. The deal, slated to price on Tuesday, is part of a larger $200 million package voters approved in 2022 to respond to one of the most acute housing crises in the US.
Bloomberg Markets
By Maggie Eastland
June 17, 2024