No Fixed Address - A Discussion About Housing Insecurity with the Falcone Group

Summary

Podcast Summary:

Culturally Speaking: The South Florida Sunday Podcast
Episode: No Fixed Address - A Discussion About Housing Insecurity with the Falcone Group
Date: July 14, 2026
Host: Shreena (A), Hubbard Radio
Guest: Alfonso Costa, Jr., Chief Operating Officer at Falcone Group

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Episode Overview

This episode dives deep into housing insecurity and the rapidly evolving real estate landscape in South Florida. Host Shreena is joined by Alfonso Costa, Jr. from the Falcone Group to discuss the challenges, ongoing projects, policy solutions, and incentives shaping affordable and workforce housing in the region. The conversation offers an insider look at both public and private sector strategies to foster community stability, the significance of tax incentives, and the importance of collaborative development.

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Key Discussion Points & Insights

Housing Insecurity and Market Trends

• South Florida Challenges:

  • Growing rents and housing costs are putting strain on families, workers, and businesses.
  • The difficulty in finding affordable, stable housing threatens to drive essential community members out of the region, impacting services and the economy.
  • "Finding affordable, stable housing is one of the toughest challenges facing families in our region today." (A, 00:03)

• Positive Trends:

  • Increased collaboration between public and private sectors to develop and preserve affordable housing.
  • Cooperation among developers, government, architects, engineers, and community groups is becoming the new norm.
  • "It's necessary to have that collective collaborative effort in order to address that issue." (B, 01:42)

The Interconnectedness of Housing & Community

• Impact on Local Economy:
  • Lack of affordable housing affects small businesses, healthcare, education, and essential services.
  • Essential workers—teachers, healthcare professionals, public safety—are among those priced out, threatening community health and resilience.
  • "If you don't have housing, then you're not going to have the small business owners, operators, the patrons of those establishments, the healthcare professionals..." (B, 02:09)

Policy Tools and Incentives

Opportunity Zones (03:11)

• Background:
  • Introduced in the 2017 Tax Cuts and Jobs Act, made permanent through the 2025 bill.
  • Governors can designate up to 25% of eligible census tracts for Opportunity Zone (OZ) benefits.
• Mechanics:
  • Investors can defer and reduce capital gains tax by investing in Opportunity Zone projects.
  • Example: Investing $1M in OZ can reduce taxed gains after five years and potentially eliminate tax on new profits after ten years.
  • "It's really a tremendous tax incentive benefit and way by which to encourage and motivate those with capital gains and capital overall to invest in historically neglected or disinvested communities." (B, 05:13)

Live Local Act (Florida-specific, 05:34)

• Recent Expansion:
  • Amended in July 2026 to further incentivize affordable and workforce housing.
• Prongs of the Act:
  • Rezoning for Multifamily:
    • Land zoned as industrial/mixed-use can be converted if 40%+ of units are capped at <= 120% AMI for 30+ years.
  • Tax Exemptions:
    • Projects with at least 71 units capped at affordability thresholds can get tax abatements:
      • Up to 100% for 80% AMI or below
      • 75% abatement for up to 120% AMI.
  • "It allows primarily two different prongs of encouraging affordable and workforce Housing..." (B, 05:41)

Falcone Group’s Impactful Projects (07:07)

• Miami Worldcenter:
  • 27-acre mixed-use urban core project, 2nd largest in U.S. (after Hudson Yards, NYC).
  • Over 300,000 sq ft retail, 10,000+ apartment units, condos, hotel keys.
• Plantation Walk (Plantation, FL):
  • Mixed-use, community-oriented development.
• Horizon of Oakland Park:
  • Development of 311 apartments (10% as workforce housing) and 20,000 sq ft of retail in downtown Oakland Park, replacing the former City Hall site.
  • "[Oakland Park project]...311 apartments, of which 10% are set aside for workforce housing, in addition to 20,000 square feet of commercial retail in their downtown development district." (B, 07:53)

Alfonso Costa Jr.'s Perspective (08:37)

• Experience at HUD:
  • Former Deputy Chief of Staff at U.S. Department of Housing and Urban Development (HUD).
  • Oversaw policy, including Opportunity Zones and distribution of housing and community development funds.
  • Managed programs from Community Development Block Grants to Section 8 vouchers.
  • "We have more than an $80 billion budget at HUD which really straddles a combination of housing specific programs all the way to community development and economic development..." (B, 08:47)
• Lessons for Private Sector:
  • Gained appreciation for the complexities of community engagement and government operations.
  • Prioritizes integrating local voices and concerns into development strategies.
  • "That goes beyond just what investors think or how lenders view a project, but more importantly how the local community...what their priorities are and how they perceive a prospective development..." (B, 10:17)

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Notable Quotes & Memorable Moments

• On the Urgency of Housing Solutions:

  • “If the residents can't afford a place to live, then they're probably going to move out of the community and then you're going to lose those resources...” (A, 01:53)

• Collaborative Approach:

  • "It's really an important interconnected web of stakeholders that we're really solving for to make sure that housing as a core component of daily lives is really treated like a priority." (B, 02:38)

• Explaining Opportunity Zones:

  • "After 10 year hold of investment...I don't have to pay any taxes on the incremental $4 million of value that was created during that 10 year hold period." (B, 05:04)

• On Making a Difference:

  • "We're trying to make a positive difference and positive impact." (B, 11:27)

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Timestamps for Key Segments

• [00:00–01:52] — Introduction & framing South Florida’s housing challenge.
• [01:53–03:10] — Community ecosystem and the ripple effect of housing insecurity.
• [03:11–05:33] — Opportunity Zones: background, mechanics, investor incentives.
• [05:34–06:55] — The Live Local Act: Florida’s innovative affordability and workforce housing law.
• [07:07–08:26] — Falcone Group’s flagship projects and their community impact.
• [08:37–10:53] — Alfonso Costa Jr.’s career journey, HUD insights, and lessons for developers.
• [11:16–End] — Falcone Group contact information and ongoing commitment to inclusive development.

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Resources & Contact Information

• Falcone Group: falconegroup.info
  • Open to inquiries about ongoing projects, market dynamics, and community engagement.
  • "We are always happy to discuss any of the projects that we have going on, as well as the economy at large and also housing markets..." (B, 11:21)

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Conclusion

This episode offers a candid, hopeful outlook on how South Florida can meet its housing challenges. With insights from a leader who bridges policy and practice, listeners gain clarity on both the urgency and the innovative pathways being pursued to ensure all residents can live and thrive in the communities they serve.

Transcript

[A]

Welcome back to South Florida. Sunday, Shreena, hanging out with you. And today we are actually tackling a critical issue shaping our community housing insecurity and the rapidly evolving real estate landscape in South Florida. As you know, finding affordable, stable housing is one of the toughest challenges facing families in our region today. But our guest is here to unpack the solutions, the trends, the policies designed to, you know, build a better future. Joining me right now is Alfonso Costa, Jr. Chief operating officer at Falcone Group. Welcome to the show.

[B]

Thank you so much for having me.

[A]

I'm so excited to get into this anything about affordable housing. I'm all about it. So, you know, to start, you have your finger on the pulse of our local market. What trends or hot topics are you kind of currently seeing in the South Florida real estate market?

[B]

That's a good question. I think you're starting to see the trend whereby a lot of local municipalities and bodies of government are working with the private sector to really try and stimulate the addition of new affordable housing as well as the preservation of existing housing. And I think it's really important for all facets of the industry, whether it's developers, land use attorneys, architects, civil engineers, you name it, along with government officials, to work together and say, how can we reposition a lot of existing assets or idle land to be really made into developments that can help address what is the housing crisis that we're seeing, especially here in South Florida, where rents and housing costs overall, whether that you're renting a home or attempting to own a home, is really burdening people across the board. So I think that's one trend that we're starting to see become more commonplace. And I think it's really encouraging because it's necessary to have that collective collaborative effort in order to address that issue.

[A]

Right? Exactly. Because if the residents can't afford a place to live, then they're probably going to move out of the community and then you're going to lose those resources, like someone who works at a local store or, you know, someone who's contributing back into the environment, right?

[B]

Absolutely. It's a really good point. It's an interconnected, really ecosystem of different stakeholders. If you don't have housing, then you're not going to have the small business owners, operators, the patrons of those establishments, the healthcare professionals, the real generators of the business and healthcare economy that is necessary to sustain at the same time, allowing for those professionals that work in public services such as education. So our teachers and principals, as well as our firefighters, police officers, you name it, that are really core to the workforce of our neighborhoods, in our communities. So it's really an important interconnected web of stakeholders that we're really solving for to make sure that housing as a core component of daily lives is really treated like a priority.

[A]

Very well said, because absolutely, the community is interconnected. Now, a lot of the community development relies on specific tax incentives. Can you kind of break it down to the basics? What exactly is an Opportunity zone?

[B]

So Opportunity Zones were originally created through the 2017 Tax Cuts and Jobs act and they were effectively renewed and made permanent as a portion of the tax code through the 2025. One big beautiful bill that was signed into law a year ago. And effectively, and essentially Opportunity zones are census tracts throughout America whereby a certain AMI or area median income threshold now 70% AMI or 20% poverty rate, and governors can select up to 25% of those census tracts that are eligible for Oz or Opportunity Zone designation. And investors through qualified opportunity funds can put money, more specifically their own eligible capital gains, into qualified opportunity funds to invest in opportunity zones and receive a set of tax benefits or tax incentives that reduce their capital gains exposure and costs as well as give them step up in basis on the appreciation of their investments. So for example, if I have a million dollars of Tesla stock profit, I can put that money into a qualified opportunity fund that invests into an opportunity zone to build, for example, apartments. And after five years of holding my investment capital gains that I'm paying taxes on reduces from $1 million on which I need to pay taxes down to $900,000. So it's effectively a 10% step up in basis. And then after 10 year hold of investment, if my million dollars has grown to, let's say, worth being worth $5 million, I don't have to pay any taxes on the incremental $4 million of value that was created during that 10 year hold period. So it's really a tremendous tax incentive benefit and way by which to encourage and motivate those with capital gains and capital overall to invest in historically neglected or disinvested communities throughout America.

[A]

And I think we're seeing a lot of that today too because there's a lot of more like workforce housing popping up and you know, just a lot structures being taken care of now.

[B]

Absolutely. And Live Local act, which is a Florida specific incentive that was initiated back several years ago and it was recently amended for the third time and came into effect for its third amendment in July of 2026. It allows primarily two different prongs of encouraging affordable and workforce Housing. And the first prong allows for developers that have land that's zoned either industrial or mixed use to be rezoned for multifamily housing as long as they commit to at least 40% of their units being capped at no more than 120% AMI or area median income, rents and income thresholds for renters for a period of at least 30 years. And then the second prong or element of the Live Local act, which is really important is what's known as the tax exemption, which allows for, if you commit to at least three years of at least 71 of your units to be capped at that AMI threshold that I mentioned earlier, you're able to receive tax incentives all the way up to 100% if your units are at 80% AMI or below and 75% abatement if your units are up to 120% AMI.

[A]

Wow, that's amazing. So the Falcon Group is actually actively shaping our local skyline too, and community footprint. What are some of the key projects that the Falcon Group has kind of worked on recently?

[B]

Absolutely. So our founder and CEO Art Falcone was responsible for assembling what's known as Miami World center, which is the second largest master plan development in urban core downtown Miami, second largest in the entire country only to Hudson Yards in New York City. And that's a 27 acre master plan development with more than 300,000 square feet of retail, more than 10,000 units of apartments, condominiums, hotel keys. So a really great urban core mixed use development that is changing, as you mentioned, the, the skyline of Miami, but really all of South Florida. And we also partake many other mixed use projects throughout Plantation Florida. Our Plantation Walk project, which is similarly oriented in terms of its uses. And also in Oakland park, we're actually purchasing the former City hall site for that city in Broward county and building 311 apartments, of which 10% are set aside for workforce housing, in addition to 20,000 square feet of commercial retail in their downtown development district.

[A]

That's amazing. I grew up there, so I would love to see what, what you come up with. That's going to be amazing.

[B]

Thank you. Yes, that's known as the Horizon of Oakland park project.

[A]

Oh, wow. Yeah, I'm definitely going to have to check that out. Let's talk about you for a little bit because you bring a really unique perspective to this work. Can you kind of tell us about your personal career journey, especially your time working with hud?

[B]

Yeah. So I served as the Deputy Chief of staff at the U.S. department of Housing and Urban Development, as you mentioned, also known as hud. And in that role oversaw all policy, including the Opportunity Zones Initiative. You know, we have more than an $80 billion budget at HUD which really straddles a combination of housing specific programs all the way to community development and economic development programs. So things like CBBG, the Community Development Block Grant, as well as the Sasa recovery funds that go to municipalities. You have Section 9 public housing, also Section 8 vouchers, which are for residents or tenant voucher holders to use a project, whether they're mobile vouchers or for project specific developments. So it's really a wide range of different programs and funds that go all the way from the federal level, at the national level, all the way down to states and localities. And it's quite a footprint. But it was something that over two and a half year period of time, I was really fortunate to be at the nexus of federal, state and local stakeholders as well as the private sector working to make sure that we were trying to solve a lot of the issues that really pervade the nation from a housing affordability standpoint.

[A]

How does you know working with them change your approach to housing solutions today?

[B]

It gave me a really unique perspective and appreciation for how government functions and operates. And I think that now that I am back in the private sector as a developer and real estate investor, it gives me, as I mentioned, not only an appreciation for how government works, but more importantly what it takes for a community development to truly be successful. And that goes beyond just what investors think or how lenders view a project, but more importantly how the local community and existing neighborhood, what their priorities are and how they perceive a prospective development to shape and transform what that community is hoping to achieve. And I think that's what I was really fortunate and blessed to have that government vantage point provide me as I move forward in my career.

[A]

Absolutely. Alfonso, thank you so much for joining the show today. Definitely appreciate you coming on and breaking down all these complex issues and showing how the Falcone Group is actively building a more stable community future for South Florida. Thank you so much for what you're doing. If our listeners wanted to learn more about the community projects we discussed today or, you know, just kind of want to connect, how can they find the Falcon Group online?

[B]

Absolutely, you can find us@falcone group.info that's.info. and we are always happy to discuss any of the projects that we have going on, as well as the economy at large and also housing markets and, and what it takes to really make sure that these communities that we're developing in are heard and are part of the process by which we're trying to make a positive difference and positive impact.