Francis Suarez and Daniella Levine Cava.
Francis Suarez and Daniella Levine Cava
Mayors at City of Miami and Miami-Dade County
They’re of different political parties, but Miami Mayor Francis Suarez (Republican) and Miami-Dade County Mayor Daniella Levine Cava (Democrat) are making policy decisions for what’s become one of the hottest real estate markets in the country. Population and business growth, as well as a commercial real estate investment boom, have driven much of that policymaking, with the challenges varying widely and coming unremittingly.
In the short amount of time since she was elected, Levine Cava has focused on the housing shortage in Miami-Dade County — which, with its 3 million people, is more populous than 17 states. Where once Miami-Dade had affordable albeit aging housing, surging population growth pushed average rental rates up 57 percent between March 2020 and March 2022.
In August of 2022, Levine Cava declared a housing emergency.
What came next was a $100 million commitment in new housing and the goal of getting 18,000 affordable and workforce units in financial closing by 2023. Then, her administration would work to add roughly another 14,000 to that pipeline, Commercial Observer previously reported.
Suarez, on the other hand, has been more focused on making Miami the “capital of capital.”
His administration helped the development of commercial space as companies followed the talent to the Sunshine State, as well as declared cryptocurrencies the de facto coin of the realm and pushed the boundaries of how workers will commute in the city.
Ultimately, however, the power of office of the mayor is deemed almost as advisory compared to the greater authority of Miami’s five-person City Commission, which really calls the shots on many policy decisions that come across its desk.
Yet Suarez has enjoyed a surprising level of popularity and influence, helping to persuade the likes of Icahn Enterprises, Blackstone, Point72 Asset Management, Apollo Global Management, Melvin Capital Management and CI Financial to take up office spaces in Miami. —M.H.
