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In what has become a very creative move, Key West Florida City Leaders are trying to form a plan that would allow them to raise an additional $5Million in Tax Revenue to satisfy Affordable Housing Needs in Monroe County.

Monroe County collects 4% Bed Taxes from tourists on their hotel bills. County have the ability to legally add 1% more to the Tax which would raise the additional revenue sought by Affordable Housing Advocates.

Florida State Law allows a small portion of the Bed Tax to be used in a land-buying program to be split between preservation and affordable housing. The extra 1% would be earmarked specifically for affordable housing.

Key West Florida is a popular tourist destination which attracts throngs of tourists every year… which means the support staff for the service industry needs affordable housing for rent and purchase. Residents are used to seeing seasonal workers sleeping in small boats, sharing small apartments and “hot-bedding” where day and night workers share one bed with alternate sleeping arrangements.

The nearest cities are Florida City and Homestead Florida which are hours away by car.

The ramifications of such a change in policy will be widespread in Florida with its enormous Tourist industry. Passing of Florida House Bill HB699 targeted at helping the affordable housing crisis with the Bed Tax amendment attached would open the door to other tourist rich cities to follow in the footsteps of Key West.

Orlando Florida, for instance, would benefit the most thanks to Disney and its attractions. Orlando could use the revenues to help its low and moderate income residents who commute from two to three counties away to find affordable or attainable housing.

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David A. Podgursky, MBA
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