By Alexandra Tarallo
Yesterday Palm Beach County commissioners approved a scaled-down plan that requires developers to limit new homes prices. The new plan establishes that the price tags for 16.5 percent of the homes in most new developments will stay within $164,000 and $304,000.
The goal in mind according to County officials is to create more homes for teachers, police officers, and other young professionals that have few options in the Palm Beach County real estate market.
According to the Sun Sentinel, County Commissioner Jess Santamaria said “the county’s workforce can’t afford to wait for supply and demand to bring down home prices.”
Sun Sentinel also reported that Commissioner Warren Newell, who helped propel the rule said, “It is not going to solve all the problems, but it’s a start.”
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