| | | | | | | | | TO: | Finance and Economic Resiliency Committee Members
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| FROM:
| Alina T. Hudak, City Manager |
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| | DATE: | May 21, 2021
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| | SUBJECT: | DISCUSS FINANCIAL INCENTIVES TO ENABLE CITY EMPLOYEES TO ESTABLISH RESIDENCY IN THE CITY |
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| | | | | | | | HISTORY:
| | The Item was referred to the Finance and Economic Resiliency Committee on May 12, 2021 by the City Commission to discuss implementing a pilot project to provide financial incentives for City employees to live in the City. |
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| | | | | | | | ANALYSIS:
| It is recognized that the cost of housing is significantly higher in Miami Beach than in other municipalities in South Florida.
This suggested pilot would be funded at $300,000 which would allow up to 100 full-time employees to receive $250 per month toward their housing expense for one year.
Incentives enabling employees to live in the same community where they work would provide several benefits to the City:
• Economic Development- City salaries would be largely spent in the local economy.
• Employees would be more vested in the community and would have a better comprehension of the experiences of residents.
• Staff would be readily available during emergencies.
Employees would also benefit by having a very short commute which would save them money and promote work/life balance. A 2017 study by the Robert Half consulting company found that 25% of employees nationally quit their jobs due to a difficult commute.
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| | | | | | | | CONCLUSION:
| This pilot program would only be a temporary measure as an incentive while we continue our efforts to create additional affordable workforce housing. It is not intended to advocate for a requirement that City employees live in the City as this could adversely impact recruitment
If recommended by the committee, a funding source would need to be identified; there is no designated funding source currently. |
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| | | | | | | | | Is this a "Residents Right to Know" item, pursuant to City Code Section 2-14? | | Does this item utilize G.O. Bond Funds? | | | No | | No | |
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