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Document Type: | General |
Publish Date: | 2015 |
Primary Author: | Allison Allbee |
Edited By: | Arsalan Hasan |
Published By: | ChangeLab Solutions |
In many parts of the United States, there is a growing interest in urban living. In a sizable number of cities where populations were declining or stagnant, the population has begun growing again, leading to increased property taxes and private investment. However, many of these new urban residents have higher incomes than existing residents, creating competition for a limited supply of housing, and contributing to rising rents and home prices. Growing demand for housing in many urban areas has led to rising housing costs in neighborhoods that have historically been affordable to low- and moderate-income individuals and families. When growing demand or new investment results in rising property values, the number of affordable housing options may decline dramatically. Rising housing costs undermine equitable access to neighborhoods offering health and quality of life benefits such as safety, walkability, open space, and healthy food, which are often enhanced by the growing demand for housing and associated development. Many residents may also see neighborhood changes leading to the erosion of the cultural fabric, social networks, and economic opportunities.