Latest news with #MiamiDDA
Yahoo
6 hours ago
- Business
- Yahoo
Miami homeowners protest special tax meant to fund community development — why they say they want a ‘divorce'
Homeowners in several Miami neighborhoods are saying they want out of the Miami Downtown Development Authority (DDA), a group tasked with 'boosting economic development and safety' in the popular vacation city's urban core, reports CBS News. The Miami DDA, an agency funded primarily through a special tax on properties within the downtown district and surrounding neighborhoods, is governed by a 15-member board of directors that includes public appointees, property owners, residents and local business owners. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) The group says it's committed to working collaboratively with residents to promote the area's economic health, but some residents insist the cost is too high. "It takes a bite out of my pocketbook," James Torres, a downtown resident and president of the Downtown Neighbors' Alliance, told CBS News. Here's why representatives of homeowners associations in Miami are calling for a change in how the DDA is funded. Residents of Brickell, a Miami neighborhood adjacent to the downtown area, say they never even see the services the DDA is supposed to offer. "Brickell is not downtown. Downtown is not Brickell," Ernesto Cuesta, president of the Brickell Homeowners Association told CBS News. Some question where the money goes and say the costs are too high, especially considering the rise of condo assessments and insurance costs. Homeowners insurance in Florida is three times more expensive than the national average as of 2024, as per a Fox 13 analysis of Insurance Information Institute data. Following changes to condominium laws after the Surfside condo collapse in 2021, which resulted in the deaths of 98 people, many condo owners are also dealing with assessments that add to their cost of living. Residents insist that the added costs of the DDA on top of insurance increases are too heavy a burden. A recent survey conducted by the Downtown Neighbors' Alliance discovered that most residents want to leave the DDA district. Nearly 58% of residents surveyed said they did not believe the DDA improves their quality of life, says CBS News. Torres told the local Miami station that he believes the authority spends taxpayer money irresponsibly, pointing to the $450,000 that was spent to help the FC Barcelona soccer team move its New York offices to Miami. Torres also wrote a letter to Mayor Francis Suarez complaining about the deal, stating in part: "While Downtown Miami families are being crushed by rising crime, a worsening condo crisis, homelessness, and double taxation, the Miami Downtown Development Authority (DDA) has approved a $450,000 taxpayer giveaway to one of the wealthiest sports franchises in the world — Futbol Club Barcelona." Watchdog blog Political Cortadito also argues that DDA's salaries are redundant and bloated, noting that the group spends more than $800,000 on marketing and PR, which seems to yield little return. The DDA also has a head of urban planning who earns $177,143 yearly and an urban planning strategist who earns $107,261. However, the city commission makes urban planning and zoning decisions through the planning and zoning board, leaving some questioning the purpose of these DDA roles. Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it The Miami DDA insists it's focused on improving the district by attracting companies that bring economic benefits. The group says FC Barcelona's office move and the first official Barca soccer merchandise store in the U.S. will be a "major draw for the area," according to a statement obtained by CBS News. Another DDA initiative includes the Miami Trolley, a free electronic trolley that helps residents and visitors easily navigate the downtown area. The group also partners with Camillus House to provide employment for previously homeless individuals performing services in the area, such as street sweeping, litter removal and landscape installation. "While our main focus is economic development, we have increasingly allocated resources to support quality of life, including funding additional police services, implementing a security camera network, expanding our downtown enhancement team, adding mobility options and supporting events hosted by our community partners," a DDA spokesperson shared with CBS News. However, many residents, especially those in the Brickell neighborhood, remain unconvinced. "I'll describe to you what the DDA is for us: it doesn't do anything for Brickell," Cuesta told CBS News. Torres said most residents want to leave the DDA, no matter what services they offer. "We want the divorce," he told CBS News. "They can clearly be very successful in doing what they're wanting to do by creating a business development district." A petition has now been submitted to Miami city commissioners that asks for residents to be removed from the DDA tax zone. Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you'll need a substantial stash of savings in retirement Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
CBS News
17-05-2025
- Business
- CBS News
Downtown Miami homeowners slam Development Authority over spending in new ad
A group of downtown homeowners is calling for a separation from the Miami Downtown Development Authority, accusing the agency of wasteful spending and releasing a new online ad to pressure city leaders to put the issue on the ballot. "We want the divorce (from Miami DDA) and the reason we want the divorce is we have this condo crisis and we're being double taxed," said TJ Sabo, one of several critics featured in the campaign. Homeowners push back on DDA funding The controversy centers on how the DDA spends its budget, particularly its investments in entertainment and sports partnerships. Property owners in downtown Miami, Brickell, and Edgewater fund 58% of the agency's budget, on top of the standard taxes paid by other Miami residents. "Look at what they're spending money on," said Kristen Browde, a downtown homeowner. "You're like excuse me?" "It's double taxation," said Jens Klapatsh, another homeowner. "It feels like we're being taken advantage of," added Laura Okamura. James Torres, president of a local neighborhood alliance, released the online ad Friday, targeting recent DDA expenses such as giving hundreds of thousands of dollars to FC Barcelona for opening offices downtown and nearly $200,000 to support college football events tied to next year's national championship in South Florida. DDA defends budget priorities Miami DDA board member Gary Ressler, who chairs the agency's Quality of Life Committee and owns a business downtown, defended the spending. "Nobody likes to pay taxes," Ressler said. "But the fact is that the investment is brought back to the streets to the residents in a very efficient way." Of the $12 million in the agency's budget last fiscal year, $7 million went toward quality-of-life initiatives such as public safety, homelessness efforts, and keeping downtown clean, according to Ressler. Ressler also argued that sports investments attract attention and revenue that benefit the community. "If you think back to when LeBron James came to Miami, he came to downtown Miami," Ressler said. "But you remember the message was he was going to South Beach. That's not the message anymore. I think downtown is a more viable, relatable neighborhood that hopefully will succeed greatly in the future." But critics like Sabo remain unconvinced. "When you pay $450,000 to an organization that's worth over $5 billion dollars or $100,000 to (UFC which is) worth over $11 billion, my gut instinct is it does nothing for them and it was really not part of their decision to choose Miami," Sabo said. "It took money out of other people's lives that were supposed to be improved by this."
CBS News
10-05-2025
- Business
- CBS News
Brickell, Downtown residents call for break from Miami DDA over "double taxation"
Homeowners in Miami's Brickell, Edgewater and Downtown neighborhoods say they want out of the Miami Downtown Development Authority, an appointed group tasked with boosting economic development and public safety in the city's urban core. "It takes a bite out of my pocketbook," said James Torres, a downtown resident and president of the Downtown Neighbors' Alliance. The Miami DDA levies a special tax on area homes and businesses to fund its operations. But Torres and others believe the costs far outweigh the benefits, especially for residents already burdened by skyrocketing living expenses. "Miami has a condo crisis," Torres said. "In my tower, we had a $21 million assessment just for that tower. My piece of that is $12,000." What stings most, he says, is the additional money many homeowners are required to pay the DDA. "They're double taxing us," Torres said. Residents question spending and oversight The DDA board is made up of 15 appointed members who oversee programs aimed at strengthening the business community and improving neighborhood safety. According to the agency, more than half of its budget — 58% — is funded by residential property owners, many of whom are also coping with rising insurance premiums, maintenance fees, and large building assessments. "I'll describe to you what the DDA is for us: it doesn't do anything for Brickell," said Ernesto Cuesta, president of the Brickell Homeowners' Association. "Nowhere in the city does this happen other than downtown and Brickell," Torres added. "This is a problem." A recent survey by the Downtown Neighbors' Alliance found that most residents want to leave the DDA district. Of those surveyed, 58% said they did not believe the DDA improves their quality of life. Torres believes the authority spends taxpayer money irresponsibly. He pointed to a $450,000 contribution the DDA made to FC Barcelona to help the Spanish soccer club move its New York City offices to downtown Miami. Torres wrote a letter to Mayor Francis Suarez complaining about the deal. DDA defends role, but residents push for exit The DDA defended the move. "As an economic development agency, the Miami DDA works on attracting companies and events that deliver a tangible economic impact," the agency said in a statement. "A recent example is FC Barcelona. The Miami DDA secured their move to downtown Miami from New York City, comprised of an office and the first official Barca store in the U.S., which is expected to be a major draw for the area." Other DDA-funded initiatives include downtown's free circulator trolley, grants for local business, and dozens of new security cameras and license plate readers connected to the city's real-time crime network. "While our main focus is economic development, we have increasingly allocated resources to support quality of life including funding additional police services, implementing a security camera network, expanding our downtown enhancement team, adding mobility options and supporting events hosted by our community partners," a DDA spokesperson said. Still, Torres says most residents want out. "We want the divorce," he said. "They can clearly be very successful in doing what they're wanting to do by creating a business development district." Cuesta says many Brickell homeowners agree. "Brickell is not downtown. Downtown is not Brickell," he said. "(This is) taxation with no representation. We don't see the services. DDA is supposed to be taking care of the redevelopment of downtown, not Brickell. Brickell does not need marketing." Residents have submitted a petition to Miami city commissioners requesting to be removed from the DDA tax zone.
