01/24/2023
There is a divisive and misleading narrative being advanced that claims affordable and workforce housing is a drag on economic growth and that a city must choose between investing in affordable housing and maximizing economic development. In fact, a lack of affordable housing presents a critical obstacle to economic growth and stability. Hardworking, industrious people live in affordable housing; they just don’t make enough money to afford St. Pete rents that have increased more than 25% over the past three years, now placing amongst the highest in the country. These are our nurses, teachers, emergency responders, recent graduates, hospitality and service workers, city employees, and others that form the backbone of our city.
As a growing chorus of economists have highlighted, a shortage of affordable housing in the productive and dynamic urban centers that drive our regional economies is a major inhibitor to maximizing and sustaining growth.
In fact, this unmet need has already begun to drain St. Pete of productive, essential workers. Since 2010, St. Petersburg added 50,000 jobs and 15,000 residents. During that same period, the percentage of households making $75,000 or less has decreased from 75% to a little over 50%. This tells us that large numbers of hard-working residents are being priced out and leaving St. Pete.
The Historic Gas Plant redevelopment is our city’s most important economic development opportunity in a generation and it presents a unique opportunity to take a significant step toward properly balancing our housing stock. This should not be a box to be checked or a “concession” to make, this is an investment in the economic future of our city and a recognition of what employers are asking for, what local educational institutions need, and what is required to develop an authentic, dense, urban, district that will ensure our city becomes one of the leading economic engines in the Southeast.