Here’s a first. Atlanta’s Mayor Keisha Lance Bottoms is telling her constituents NOT to sell their homes, particularly if those residents live in the 30310 and 30314 zip codes.
Why? Due to Atlanta’s booming economy and soaring home prices, Mayor Bottoms wants to ensure that the city’s elderly, teachers, firefighters, and police officers are able “…to afford to live in the city…” as Beltline neighborhoods morph from poor and working class to redeveloped and wealthier.
These 30310 and 30314 zip codes represent neighborhoods on Atlanta’s Beltline redevelopment project. This project, much like NYC’s Highline district, follows a rail corridor in a 22-mile loop surrounding the city. Since this project started in 2012, the Eastside loop of the project has seen new condominiums, apartments, stores, restaurants, etc. and higher prices. Much higher prices.
Announced 8/6/18, the city bought another 1.8 miles of the former railroad corridor. Now Atlanta owns 80% of the land needed to complete the Beltline project.
Criticized already for not having enough focus on affordable housing, only 2,600 units so far, the Beltline is scheduled to have 10,000 affordable units by 2030. (Affordable in Atlanta is defined as having residents pay no more than 80% of the area’s median monthly income or $1,047/month for rent.)
ATTOM Data Solutions indicates that two zip codes within Westside’s West End area have seen median prices for single-family houses and condominiums rise from 54% of the area’s median monthly income in Q1 2014 to 110% of that median monthly income in Q1 2018…. a +46% increase in 4 years…and no where near that required 80% of median monthly income. Coincidentally, metro Atlanta’s median home prices have increased +49% within this same time period.
Mayor Bottoms has made affordable housing central to her administration and has already secured $1B in public/private funding for that purpose. $50M of that funding is currently at work but neighborhood residents and politicians often have different views of affordability.
Amichi Bertrand, a 32-year old Atlanta resident, told the Wall Street Journal, “Whatever the vision is for the (Beltline), it ain’t mine.”
Singer-songwriter Michaelsoft, composed a song, “Death on the Beltline,” to express his concerns for his neighborhood. Check it out