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October 18, 2022

Why Disasters Like Ian Punish Affordable Housing Stock In Particular

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A great variety of property types was at risk of damage or destruction when Hurricane Ian made landfall in Florida Sept. 28, but the state’s already-dwindling supply of affordably priced homes took the biggest hit, demonstrating the elevated threat natural disasters pose in lower-income communities.

Previous disasters have proven affordable housing takes the most damage and is least likely to be replaced in an area’s housing ecosystem, leaving a gap where cheaper properties used to be and removing options for lower-income residents. 

Why Disasters Like Ian Punish Affordable Housing Stock In Particular

"Not only did we slow down the projects that were underway, we’ve reduced the supply available for anyone to use,” said Shelton Weeks, the director of the Lucas Institute for Real Estate Development & Finance at Florida Gulf Coast University

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