By Miami Herald – March 22, 2024
Miami Herald reports that Pinnacle 441, a $93 million affordable housing development in Hollywood, received nearly 20,000 applications in just one week for its lottery to fill 113 units in the first phase. This astounding response underscores the critical shortage of affordable housing in South Florida.
“We’re at a crisis level, perhaps the likes of which we’ve never seen — a crisis of affordability,” Pinnacle partner Tim Wheat said. “We’re now in a situation where people aren’t saving, people are incurring debt and we’re struggling to find housing at median prices.”
