How the rising Atlanta financial system burned low-income renters, homebuyers

Metro Atlanta is on a sizzling streak.

Greater than 6 million individuals now dwell within the area, in response to latest Census Bureau estimates. Consultants say that is a couple of 50% improve from 20 years in the past.

“It is an enormous improve in inhabitants,” mentioned Dan Immergluck, a professor of city research at Georgia State College. “That has taxed the area environmentally.”

Monetary and tech companies proceed to flock towards metro Atlanta. This builds on town’s sturdy logistics, leisure and movie, and well being providers industries.

Demand for high quality housing within the area has turn into fierce, significantly within the metropolis middle.

“Atlanta is changing into a wider metropolis,” mentioned Nathaniel Smith, founder and chief fairness officer on the Partnership for Southern Fairness. “Now, whether or not we’ll have the ability to type of steadiness that out and make sure that, you already know, black people do not get pushed out … I am unsure.”

In September 2022, the median house within the metropolis of Atlanta was valued at about $400,000, in response to Zillow’s House Values Index. That worth could be out of attain for the standard family within the metropolis of Atlanta, which made about $64,179 yearly lately. Rents even have ticked above the nationwide median.

Some Atlanta locals imagine formidable city redevelopment tasks, such because the BeltLine, have contributed to fast-rising costs within the space.

The BeltLine is a 22-mile loop of strolling and biking trails constructed largely on deserted rail traces and developed as a public-private partnership.

It was supposed to attach totally different neighborhoods within the metropolis with one another and to create, alongside the trail, walkable communities the place residents may entry a wide range of providers with no need a automotive.

“We have put about $700 million into the BeltLine so far,” mentioned Atlanta BeltLine Inc. CEO Clyde Higgs. “What we have seen is roughly an $8 billion non-public funding that has adopted the BeltLine. That has triggered plenty of good issues and in addition plenty of pressures inside the metropolis of Atlanta.”

Whereas the area evolves, a raft of neighborhood organizers are launching efforts to protect housing affordability.

“It might have been nice if we had a chance to safe extra land earlier within the lifetime of the BeltLine,” mentioned Amanda Rhein, government director of the Atlanta Land Belief, “as a result of property values proceed to extend in shut proximity to the undertaking.”

Watch the video to see how Atlanta plans to protect housing affordability amid fast development.