Workforce housing was supposed to be the safe tier in Miami multifamily. Miami-Dade Class C occupancy is holding near 96% — and Class C rents just went negative. Full buildings at falling rents mean the tenant is maxed out, not that you have pricing power. Here's how that changes the underwriting, and why cheap agency debt is about to make it worse.

The average Miami Beach short-term rental grosses abut $43,000 a year. After the platform, the manager, he turnovers and the 14% tax stack, the owner keeps loser to $16,000 — less than a plain annual lease onthe same unit. Here's the full waterfall, and the for levers that decide which side of it you land on.

Amendment 3 goes to Florida voters on November 3. The headline is a $250,000 homestead exemption — but on Miami Beach, where 22% of the housing stock is second homes, the provision that actually moves money is the one nobody is covering. Plus the residency deadline most people are explaining backwards.

In a market where the typical Miami Beach listing takes three to four months to go under contract, the money is made before the sign goes up. Here's the document, permit, insurance and condition work I'd finish in the next 45 days — and why September is the deadline, not the starting line.

For the first time in three years, South Florida leased more apartments than it delivered. But Miami-Dade luxury vacancy is still 10.5% while Class C sits near 3% — and construction starts just fell 21%. Here's what this quarter's numbers actually tell a multifamily buyer about cap rates, rents and timing.

South Florida multifamily is trading near a 5% cap while agency debt costs 6%+ — so leverage now subtracts from your return instead of adding to it. Add Florida's tax reset at closing and an insurance line that moves 30% either way, and the broker's cap rate stops describing your deal. Here's the underwriting I actually run, with the math.