Innovative Solutions and Challenges Highlighted at Sarasota Chamber’s Affordable Housing Summit 2.0

December 2, 2024 | Sarasota

On Friday, November 22nd, the Greater Sarasota Chamber of Commerce hosted the Affordable Housing Summit 2.0 at the Sarasota Memorial Hospital Auditorium, bringing together experts, community leaders, and advocates to tackle one of the region’s most pressing challenges: affordable housing.

The summit featured an impressive lineup of speakers, including:

·         Matt Sauer, Charles & Margery Barancik Foundation

·         Heather Kasten, Greater Sarasota Chamber of Commerce

·         Kody Glazer, Florida Housing Coalition

·         Jon Thaxton, Gulf Coast Community Foundation

·         Sherilyn K. Harris, Housing Finance Authority of Pinellas County

·         PJ Brooks, Community Assisted and Supported Living, Inc.

·         Drayton Saunders, Sarasota City and County Affordable Housing Advisory Council

·         Mark Vengroff, One Stop Housing

·         Kirsten Russell, Community Foundation of Sarasota County

These thought leaders shared actionable solutions, findings from local surveys, and best practices from communities across the state.

Key Findings and Challenges:

·         Cost Burden: A recent survey of young professionals revealed that 57% of respondents are “housing cost-burdened,” spending over 30% of their gross income on housing.

·         Community Impact: Over 96% of the YPG survey participants believe housing costs are harming Sarasota’s economy, and 62% are considering relocating due to the high cost of living.

·         Occupational Barriers: Only 2 out of the 10 most common occupations in Sarasota provide wages sufficient to afford a one-bedroom rental at fair market value. None offer the income required to purchase a median-priced single-family home.

·         Rising Rents: Rentals in the $2,000–$2,499 range have skyrocketed by 396% since 2019, while affordable units under $1,500 have become increasingly scarce.

Regional Solutions and Goals:

·         Increased Housing Supply: By 2035, the region will need nearly 14,000 affordable housing units for low-income households to meet anticipated demand.

·         Innovative Approaches: Solutions discussed included leveraging public land for affordable housing, zoning reforms to allow increased density, and engaging private-sector partners to accelerate development.

·         Workforce Retention: The summit highlighted the importance of workforce housing to ensure that young professionals and essential workers can continue to live and thrive in Sarasota.

“Affordable housing is not just a housing issue; it’s a workforce and economic stability issue,” said Heather Kasten, President/CEO of the Greater Sarasota Chamber of Commerce. “We are committed to working with our policy makers and foundations to bring solutions forward that will keep our community livable and sustainable for all residents.”

The summit would not have been possible without the generous support of its sponsors: Charles & Margery Barancik Foundation, Community Foundation of Sarasota County, Gulf Coast Community Foundation, CASL Inc., The Patterson Foundation, REALTOR® Association of Sarasota and Manatee, and Lakewood Ranch Communities. Sarasota Memorial Health Care System graciously hosted this impactful event.