Live Local Act Falls Short for Middle-Income Earners

A law enacted in 2023 to address the state’s housing affordability crisis offers affordable units and faster approvals throughout the state, but not for a major category of renters it promised to help.

A report from Florida TaxWatch says the twice-updated Live Local Act is falling short for “missing middle” renters, which are households that earn too much to qualify for affordable housing subsidies, but not enough to comfortably pay market rents.

In Florida, that generally means households earning roughly 80% to 120% of the area median income (AMI).

The nonprofit watchdog group says eligible local governments can opt out of a 75% property-tax exemption for 80% to 120% AMI rentals. Thirty-four of 49 counties eligible to opt out of the exemption this year have, citing the risk of revenue loss.

Innovation Sector Seeks ‘Miracle in the Sunshine’

At the Florida Technology & Innovation Solution Summit this week in Tampa Bay, Commerce Secretary Alex Kelly outlined a vision for a “Miracle in the Sunshine,” urging a strategic push to elevate the state’s innovation sector.

Kelly recapped the state’s GDP of $1.7 trillion but identified a major obstacle: 98% of investments from Florida’s largest institutional investors—banks, foundations, pension funds—leave the state.

“Everything we’ve achieved so far in innovation has been done without most of that capital staying here,” Kelly said. “If we just change the paradigm from 2% to 10% … we would never look back.”

The former Deputy Chief of Staff to Gov. Ron DeSantis also called for a sharper focus on small business survival. Florida is third in the nation for new startups, but also tops the list for first-year failures.

Miami: Top City for the Ultra Wealthy’s Second Homes

Those with a net worth exceeding $30 million own more second homes in Miami than in any other city, according to a report. Other top locations include London, New York, and Beijing.

Historically, about 75% of Miami homes are owned as second or third properties by buyers from across the U.S. and around the globe, with Colombians, Brazilians, Russians, and Canadians being the top foreign nationals investing.

The Billionaire Buyers in London mid-year survey found that around 70% of ultra-wealthy real estate vendors are ditching their properties in London and buying in cities like Miami. Driving factors include the warm weather, sandy beaches, and low taxes.

When primary residences are included, nearly 17,500 ultra-wealthy people have houses in Miami, the fourth-largest number in the world behind New York, Los Angeles, and Hong Kong.

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➤ Statewide: A federal Judge struck down part of Florida’s 2023 elections law, ruling that barring noncitizens from handling voter registration applications is unconstitutional. Most of the law’s other restrictions on third-party voter registration organizations were left intact. (More)

➤ Osceola County: The trial of suspended Sheriff Marcos Lopez and his wife, Robin Severance Lopez, will begin Oct. 20 for what authorities say is their connection to a $21 million illegal gambling operation. (More)

➤ Tallahassee: Mayor John Dailey will not seek a third term. His announcement came hours after City Commissioner Jeremy Matlow filed to run for mayor. (See Video)

➤ Lake County: A community growth survey of over 1,500 county residents revealed that their top issues are open space preservation, traffic congestion, and the pace of new developments. (More)

➤ Palm Beach County: A lawsuit accusing the state of letting manatees starve in the Indian River Lagoon resulted in the judge halting septic tank permits, ordering a plan to monitor manatees’ health, and requiring a supplemental feeding program. (More)

➤ Pine Hills: A new $15 million LYNX transfer station connects 11 routes and the Access LYNX paratransit service, making commuting faster and easier. (See Video)

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➤ The University of Florida is implementing facial recognition technology at its football stadium to make the stadium entry process faster. (More)

➤ The Miami Marlins have now surrendered 143 stolen bases this season, a franchise record. (More)

➤ The Orlando Magic will open their preseason schedule against the Miami Heat in Puerto Rico on October 4. (More)

Yesterday’s Results: MLB | Soccer | WNBA | LLWS

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➤ Shares of Spirit Aviation Holdings, the parent company of Dania Beach-based Spirit Airlines, plunged Tuesday after the budget carrier warned it has “substantial doubt” about its ability to continue within the next year. (More)

➤ The United Launch Alliance’s new Vulcan Centaur rocket made its first national security launch on Tuesday night from Cape Canaveral Space Force Station. (See Launch)

➤ Seminole County introduced Scout, an on-demand public transportation service coming this fall, which will start with 35 vehicles running seven days a week. (More)

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➤ A Brevard County nonprofit is working to ensure kids who don’t have helmets get one for free. Noah Monroe started Helmets on Wheels in honor of his older brother Jacob, who lost his life in a motorcycle accident. (See Video)

➤ The Orlando Science Center’s Dr. Phillips CineDome projection system played its final film Tuesday, ending a 28-year run that brought larger-than-life stories to millions of visitors. (See Video)

➤ So far this year, at least 12 people have been attacked by sharks in the U.S., with more than half taking place in Florida. (See List)

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If you had $30 million or more, where would you buy a second home?

1. Miami
2. London
3. Beijing
4. New York
5. Other

Wednesday’s Results:

Have you seen a Broadway play in New York?

1. Yes: 50%
2. No: 50%

Which actress and singer, who grew up in Longwood, was the voice of Rapunzel in Disney’s Tangled?

Show me the answer