Hollywood's Housing Crunch: Gentrification Brings Boom and Bust to Beachside City

Hollywood's Housing Affordability Struggle: A Tale of Growth and Gentrification In the city of Hollywood, Florida, a century-old bread factory is being torn down to make way for a sleek new 362-unit multifamily tower, part of a half-billion-dollar downtown revival. But as this transformation unfolds, concerns about housing affordability are rising, echoing a statewide struggle to balance growth and affordability. The redevelopment at the city's downtown circle, spearheaded by BTI Partners, is expected to bring in new residents, businesses, and tax revenue. However, local developer Pinnacle Partners has faced pushback over its own project, with some critics arguing that it will displace long-time residents and exacerbate the area's affordability crisis. "Hollywood is a city of contrasts," said City Commissioner Traci Callari, who represents the downtown area. "We're trying to revitalize our downtown while also ensuring that existing residents can afford to stay here." The issue of housing affordability has become a pressing concern in Florida, where cities and counties are grappling with the consequences of rapid growth. According to data from Zillow, the median home value in Hollywood has increased by over 50% in the past five years, making it increasingly difficult for low- and moderate-income residents to afford housing. The city's affordability crisis is not unique to Hollywood. Across Florida, cities are struggling to balance development pressures with the need to retain affordable housing options. In Miami-Dade County, for example, a recent report found that over 70% of renters spend more than 30% of their income on rent, leaving many vulnerable to eviction. "Hollywood is just one example of the larger issue we're facing in Florida," said Rachel Schwartz, executive director of the non-profit organization, Housing Alliance. "We need to prioritize affordable housing options and ensure that development is done in a way that benefits existing residents." The city's downtown revival has brought in new businesses and amenities, but it has also driven up property values and rents. Some long-time residents are worried about being priced out of their own neighborhood. "I've lived in this community for over 20 years," said local resident Maria Rodriguez. "I'm concerned that the new development will push me out of my home." The city is working to address these concerns through a combination of affordable housing initiatives and zoning regulations. However, some critics argue that more needs to be done to ensure that existing residents are protected. As Hollywood celebrates its centennial year, the city's leaders are grappling with the complexities of growth and affordability. While the downtown revival brings in new investment and opportunities, it also raises questions about who will benefit from this transformation – and who will be left behind. By the numbers: Median home value in Hollywood has increased by over 50% in the past five years Over 70% of renters in Miami-Dade County spend more than 30% of their income on rent The city's downtown revival is expected to bring in new residents, businesses, and tax revenue Next developments: The city will continue to work on affordable housing initiatives and zoning regulations BTI Partners' redevelopment project is expected to break ground later this year Pinnacle Partners' project is still in the planning stages, with a timeline for completion yet to be determined *Reporting by Forbes.*