Durham Commissioners Pump the Brakes on Braggtown Developments after Protests from Residents

However, please consider the people who live there now—the ones who bought houses when it was affordable.

Displacement is a real concern but let's get some facts straight. 84% of residents in that census block group are renters according to Durham Neighborhood Compass. That's one of the highest rates in Durham. The Housing Authority units probably skew the numbers but the fact is most of those people never see a property tax bill.

These expensive new houses will drive up property values for everyone in the area. Probably by a lot.

Not building these homes will also drive up property values. Do people still not realize this after watching Durham housing prices in the last five years? We can't fix housing affordability by deciding to not build housing, whether it's "affordable" or "expensive." Although I would disagree that these units are anywhere close to expensive, considering a $150-250k loan meets the 33% definition of affordable for anyone making $29k to $46k per year. That's a range of 60 to 94% of the Durham median household income. If that's not affordable then I really don't know what is.

Here's a sober fact: property tax bills in that neighborhood are going up regardless of what happens with this development. Restricting the supply of new housing, especially at this price point, is guaranteed to make it happen faster.

/r/bullcity Thread Parent Link - indyweek.com