Mexico City has introduced an ambitious public housing initiative to tackle the escalating rental crisis and gentrification that have displaced numerous long-term residents from the city’s neighborhoods.
Investment and Project Goals
Mayor Clara Brugada Molina announced that her administration will allocate 600 million pesos ($31.8 million) to develop 20,000 new affordable rental housing units. This project aims to address at least half of the city’s rental housing deficit over her six-year term.
Brugada explained, “We are discussing a fragmented city, a city under pressure from the issue of gentrification, or the displacement of families who have historically lived in the city’s neighborhoods.”
Public Rental Housing Program
- Rents will be capped at 30% of a family’s income.
- Monthly rates will start at about 3,000 pesos ($160) for a 60-square-meter space for minimum wage earners and can go up to 7,500 pesos ($400) for those earning three times the minimum wage.
The program prioritizes vulnerable groups such as young people, elderly residents, commuters to central areas, single mothers, families without homes, low-income households, and those who have faced eviction.
Current Developments and Strategy
Housing Minister Inti Muñoz Santini noted that four buildings are already under development in central locations within the Cuauhtémoc and Miguel Hidalgo boroughs. Furthermore, the city has increased its public land reserves by 10,000 square meters to support future housing projects.
City officials report that around 53,000 families seek rental housing annually in Mexico City, often dealing with prices that consume more than 30% of their monthly income or necessitate relocation far from their workplaces.
This municipal effort is in line with the federal government’s national housing strategy announced in April, which aims to construct 1.1 million new homes across Mexico by 2030.
For more details, please read the full article on Mexico News Daily.
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