Affordable housing surtax is lacking

In the Jan. 14 op-ed by Ken Thomas, “A 1-percent surtax on newcomers’ multimillion-dollar homes could fund affordable housing in Florida,” one of Miami’s most respected banking analysts proposed a radical new solution to affordable housing.

As a former banker and developer, I have worked pro bono job for the past eight years managing the affordable housing nonprofit of a consortium of local Black churches, on our own sites and on those owned by member churches.

Our organization published last year a prosperity-for-all civic platform in which our first proposal was essentially the same as Thomas’, except for two major differences.

First, we did not limit the surtax to a one-time event, nor did we target only 1 percenters from outside Florida. We proposed an annual surtax be applied to any homes over $1 million, regardless of owner’s provenance or residence.

Second, we proposed that the proceeds of the surtax, and that of our other revenue-raising radical measures, be placed in a fund independent of government control, managed by recognized experts.

Taxpayers may be willing to assume their fair share of helping those who may have been unfairly left without equal opportunities, provided such new monies are efficiently managed, and most certainly not by the same people who brought affordable housing to this point of crisis.

Let us take this opportunity to challenge the public sector to improve its accountability and performance in such a way that it may regain our much needed trust. A dynamic and respected government sector is essential for the continued healthy growth of our entire community. Until trust is regained, it is up to all of our movers and shakers to step up and take action.

– Antonio Prado,

Miami