Affordable housing in Orlando is a complete mess.
Buyers are overpaying up to 25% for homes that arguably weren’t worth their original prices before the market exploded.
Renters are in an even more dire situation, overpaying at every corner of the process, and receiving increases from property management companies that are often from out of town and looking to exploit our neighbors as much as possible.
You’ll hear politicians and real estate professionals try to paint over this crisis to preserve their power and profits. But in doing so, they’re committing an injustice to Orlando residents.
But we’re suffering. We’re hurting. And this is a conversation we need to have.
Here are five tough truths about Orlando affordable housing as we move into 2022:
There is no help coming: The rent increases will continue. And it will continue straining a market where most workers are already underpaid. Rental assistance is tied up at the local level at the time of publication, and the state is tying up hundreds of millions in funds and not saying why. Real estate professionals said we were supposed to see a market correction in the fall. They were wrong. And continue to exaggerate a recovery as they attempt to not scare away potential buyers who are still willing to overpay.
Local leaders are talking but not acting: A task force on affordable housing published it’s plan two years ago. And here we are, still in a terrible situation with no relief in sight. Don’t blame it on COVID. Building was considered essential during the pandemic and has never stopped. Meanwhile local politicians in the Orlando area continue to greenlight thousands of units of unaffordable housing and stand by idly as their constituents get thrown out on the street.
Real Estate and Property Management companies have all of the power: Very few groups donate to political campaigns more than developers and real estate salesmen. This preserves their influence and power. They’ll continue to get a seat at the table while we fight for our homes.
People are getting rich in this crisis: Make no mistake about it. Higher rents equals higher profits. More fees. More deposits. There are property management companies who are becoming wealthy off of your misery. They scream “More inventory!” but there is no mechanism to make them lower the rent after those units are built.
Real Estate pros and Developers don’t care if you become homeless: They self rationalize along with the politicians that everyone we’ll land on their feet. And if they don’t then they must be on drugs. It’s harsh but that’s what they tell themselves so they can sleep at night. And to most companies, you’re just an entry on a ledger. They don’t care about your kids. They just care about those checks clearing.
Listen, I understand this is a bleak post, but it’s true. Protect yourself and your family. Because no one else will. And if you’re being treated unfairly, call an attorney, share with your friends on social media, and hold them accountable. Don’t give up!
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