“You’d be an idiot not to”: Multifamily owners tap Live Local tax breaks 

At his Douglas Enclave apartment building in Miami’s Little Havana, developer Henry Torres cut rents for some of the 199 units. Yet, his bottom line took no hit.   After completing the project in 2023, Torres decreased annual rates by an average of $3,000 and recouped the loss through a roughly $4,500 property tax break per reduced unit awarded by the Live Local Act. The total: about $450,000 in savings from his $950,000 tax bill this year.  The rent break also helped him fill the building faster. Amid South Florida’s stubbornly persistent and pervasive affordability crisis, tenants are on the hunt […]

This article originally appeared on The Real Deal. Click here to read the full story.