With more than 35,000 homes damaged or destroyed in Lee County, Fla., residents are concerned about housing affordability – and changes to their communities – as developers become involved.
Two affordability concerns are emergingflipping damaged single-family homes, rendering them unaffordable for long-term residents, andBrad Cozza, who owns real estate brokerage in southwest Florida, said new out-of-state investors – from Wall Street hedge funds to major hotel chains – are already looking at new investments in the region.
"You're going to see values jump, and you're seeing a lot of new players that are now in the area that would not have been in this area pre-storm," Cozza said. "Older houses, in general, are more affordable," Meyer said."And so when you wipe out an older housing stock, even just building new, period, is going to be more expensive."
Zoning for single family homes can also help maintain the housing stock for lower-income residents, Meyer said, by preventing larger high-end complexes. In 2020, Semmer and her brother sued Lee County after the county rezoned to allow a high-rise apartment complex across the street from her home. An administrative judge ruled in Semmer's favor, on the grounds that the development would increase hurricane evacuation times.Joanne Semmer, a longtime resident of San Carlos Island, Fla., poses for a portrait at her home, which was flooded by Hurricane Ian.
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