The latest casualty of Miami's quest for affordable housing could be its iconic Art Deco Historic District, The Wall Street Journal reports.
Proposed modifications to a state law, which have been approved by the legislature and are currently awaiting a signature from Gov. Ron DeSantis, would see the city's art deco buildings replaced by towering apartment complexes. The distinctive early 20th-century architectural style has become synonymous with Miami over the decades, and many of its celebrated hotels, such as Raleigh and Tides, boast it.
Don't Miss:
- Hasbro, MGM, and Skechers trust this AI marketing firm — Invest at $0.60/share before it's too late.
- Inspired by Uber and Airbnb – Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets – with $1,000 you can invest at just $0.30/share!
- Massive Demand & Disruptive Potential – Boxabl has received interest for over 190,000 homes, positioning itself as a major disruptor in the housing market.
- Revolutionary Manufacturing Approach – Inspired by Henry Ford’s assembly line, Boxabl’s foldable tiny homes are designed for high-efficiency production, making homeownership more accessible.
- Affordable Investment Opportunity – With homes priced at $60,000, Boxabl is raising $1 billion to scale production, offering investors a chance to own a stake in its growth.
The Art Deco District Is A Tourist Magnet
However, according to the Journal, revisions to a 2023 housing law target buildings of five stories or lower, including those in previously designated historic districts. They would be replaced with dwellings that rise over 50 stories.
"Our art deco architecture, it's our Leaning Tower of Pisa, our Eiffel Tower, our pyramids," City Commissioner Kristen Rosen Gonzalez said recently while meeting with city officials in Miami Beach, the Journal reported. According to Gonzales, the Art Deco neighborhood near the Atlantic Ocean generates more tourism revenue than any other state except Disney World.
"You Cannot Save Every Single Building"
The Journal reports that developers have a different perspective, stressing the importance of more housing to accommodate middle—and lower-income residents and to ease connections.
"I can tell you, generally, that traffic and affordability on Miami Beach is the worst it's ever been," real estate developer Russell Galbut told the Journal. He has proposed eight workforce-housing projects in Miami Beach, catering to the middle class. "You cannot save every single building that you want to save. Some of them are not salvageable," he said.
Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — you can become an investor for $0.80 per share today.
Florida Has The Highest Percentage Of Cost Burdened Renters In The Country
According to a recent Census Bureau report, Florida has the highest percentage of cost-burdened renters in the country—i.e., tenants who pay over 30% of their income on housing expenses. Census data shows that nearly half of renter households are cost-burdened, and proportions differ by race. Racially, the nation's highest cost burden amongst the country's 50 largest metro areas, at a rate of 64.6%. Additionally, Florida had the highest number, 1.2 million, of homeowners paying $4,000 a year or more for homeowners' insurance.
Live Local Act
Florida's Live Local Act, enacted in 2022, was an aggressive measure to address the housing crisis, offering developers tax breaks and zoning law workarounds in return for workforce housing for the middle class.
See Also: Arrived Home's Private Credit Fund’s has historically paid an annualized dividend yield of 8.1%*, which provides access to a pool of short-term loans backed by residential real estate with just a $100 minimum.
However, the Journal says it proved contentious because of the pushback from local communities who didn't want denser, more affordable housing in their neighborhoods. The last revision, which would remove one of the city's most famous architectural styles, is proving to be a lightning rod. Historical societies and local municipalities are livid.
"Once a historic building is demolished, there's no putting Humpty Dumpty back together again. It's gone," said Isabelle Lopez, the city attorney of St. Augustine, told the Journal
A Concession And New Proposal
In a concession to the concerns, state Sen. Shevrin Jones and state Rep. Ileana Garcia have proposed amended language to the proposal, according to the Miami Herald reports. It would allow developers to build on the condition that they preserve or replicate historic building facades. State Sen. Alexis Calatayud and state Rep. Vicki Lopez, who filed the original bills, agreed to all concessions.
Read Next:
- Invest Where It Hurts — And Help Millions Heal: Invest in Cytonics and help disrupt a $390B Big Pharma stronghold.
- ‘Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can invest today for just $0.30/share with a $1000 minimum.
Image: Shutterstock
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.