A new report is warning that housing affordability in Dallas could shrink even more in the next eight years if the city doesn’t do something about it. NBC 5’s Alanna Quillen has the details.
A new study by a local nonprofit warns that housing affordability in Dallas could shrink even more in the next eight years if the city doesn't take action.
According to a new report by the Dallas nonprofit community development organization Builders of Hope CDC, one in five Dallas neighborhoods is already in the early stages of gentrification.
The report also shows that by 2032, the typical Dallas renter will only be able to afford 21% of rental units and Dallas homebuyers earning the median income will only be able to afford fewer than 2% of homes.
JPMorgan Chase Co. invested $500,000 to help fund the study.
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The report cites rapid growth and gentrification in the city, which is pushing property values and housing costs to uncontrollable levels as new, higher-end construction reduces the supply of affordable units.
You can download and read the report by clicking here.
Nonprofit leaders said growth is not entirely a bad thing but when unchecked, it can put marginalized communities at risk.
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"It's concerning for all Dallas residents but especially for our most vulnerable residents who are already extremely cost-burdened,” said Stephanie Champion, chief of community development and policy for Builders of Hope. "We have a crisis on our hands which already exists, but it only stands to get worse if we do not take action now."
Here's a map from the study showing the most vulnerable neighborhoods. The darker areas are at the highest risk of residents becoming displaced.
That includes the Ledbetter neighborhood in West Dallas, Red Bird in Southern Dallas, and Vickery Meadow in Northeast Dallas.
The report also includes an anti-displacement toolkit that features policy recommendations for the city and developers to protect residents’ rights.
Champion said Dallas city leaders are expressing a commitment to anti-displacement policies.
"We feel that there is an urgent need to address displacement pressures for our most vulnerable residents and our most vulnerable communities,” said Champion. “If we fail to take action now, we stand to lose our neighbors, our treasured neighborhoods, and cultural enclaves in the city because we've seen it happen before with neighborhoods like State Thomas and Little Mexico – we don't want to see it happen again."
Builders of Hope also assists families on a path to homeownership with financial education seminars, homebuyer education classes, and counseling services. If you need assistance, click here.
