Across South Florida, developers who once raced to capitalize on a booming rental market are now quietly putting entitled multifamily development sites up for sale, citing rising interest rates, construction costs, and tenant concessions.

Opposition is already mounting against the utility company's petition that was filed in February outlining a base rate increase of $8.9 billion and could exceed $10 billion if additional solar and battery storage projects planned for 2028–2029 are approved.

The Florida Public Service Commission is set to hold a potentially contentious hearing in September to evaluate how much FPL customers will pay for electricity over the next four years. The utility company says its proposed base-rate hikes are essential to support growth and maintain system reliability but critics argue the multibillion-dollar plan is excessive and must be scaled back.

Experts estimate that demand is growing by nearly 3% annually, with even sharper spikes during the summer months. In fact, last year’s summer peak demand jumped by 10 gigawatts—twice the increase seen the year before.