What impact did Palm Beach County voters actually have on the housing market?

Last week, voters showed up around the county to cast their midterm ballots.

Among various surprising moves, Palm Beach County residents voted “yes” for a $200 million, 20-year affordable housing bond.

The move, designed to subsidize the construction of approximately 20,000 workforce housing units, will help “essential” families across the county gain more opportunities to achieve their “American Dream.”

Overall, the move is mainly positive.

Developers will benefit by receiving funding to offset any profits they lose from building lower-cost homes. It’s a win for the Economic Council of Palm Beach County, which wants to help families continue to afford their homes. And it marks success for the Housing Leadership Council of Palm Beach, which has fought for affordable housing since the early 2000s.

But what exactly does it mean for residents?

The bonds are expected to build affordable housing for nurses, teachers, first responders and other essential workers who make less than $128,000, according to the Economic Council of Palm Beach County CEO Michele Jacobs.

This provides families who want to live in Palm Beach County—or who recently couldn’t afford to continue living here— greater options.

According to the Economic Council, the affirmative vote also approves a slight property tax increase to fund the bond. Increases range from $14 to $20 per year for a property with an estimated tax value of $326,000.

Learn more about the vote and its local impacts at The Palm Beach Post.