Feast or Famine: Atlanta’s Economic Boom
How Rising Housing Costs and a Booming Economy are Displacing Atlanta’s Middle Class
It’s no surprise that the last few years have seen Atlanta become a viable contender among the biggest and most economically sound cities in the United States. Ever since the infamous Georgia bill passed, allowing film studios to qualify in state spending at a rate of 10%, we have witnessed an enormous spike in development all over the city.
Downtown has recently been revamped, with Underground Atlanta being the new home of the Masquerade venue and the Poplar-district currently experiencing an overhaul, both commercial and residential.
We have the Ponce City Market, a glorious boutique-shopping district, teeming with activity and symptomatically igniting the surrounding Old Fourth Ward to keep up with the Joneses. Even Midtown has seen a significant number of construction projects break ground and climb up to their respective heights, sometimes within a few short months.
One would think, with all this money pumped into Atlanta, our bustling city and its’ constituents would be thriving. Though this is true for many residents, it may come as a surprise that there is a high number of Georgia natives who are practically floundering in this sea of steel and cement.
The Price of Renting
So, what seems to be the main issue? Well, that is a loaded question. Forty-six percent of all available rentals consist of units based from $1001-$1500. This increase is, in part, symptomatic of property owners seizing the opportunity to profit immensely from the influx of new residents. To maximize profits, many property owners have found loopholes in contracts, or denied to renew leases for tenants who pay what is now considered to be “too low.”
Some older buildings and complexes that held out for years have seen rents doubled almost overnight, leaving the renter crippled in their ability to make ends meet.
Pay a Living Wage
The second issue seriously affecting people in this collective is the fact that wage growth, when compared to the growth of rental rates, is almost laughable in its inequity. It is illogical to expect employed adults currently capped at below livable wages, to instantaneously extend themselves without receiving any aid from their employer or a state-funded program.
Deputy Commissioner of the Ga Film, Music & Digital Entertainment Office Lee Thomas, was quoted as saying, “Our program is great because it’s straightforward.”
But why aren’t we holding the construction companies and their financiers accountable?
Well, the property values (especially within the city) have gotten so high that there is no easy way for builders to do their job for less. The land, the raw materials, the labor: all of these costs are creating an impossible situation that has an increasingly stark set of potential solutions.
As for the existing properties which are scurrying to align themselves with the newer ones: we have already lost 5000 units nested at $750 or below. Bringing more money into the city increased the desirability to build, expand, renovate, and evolve an already solid foundation here in Atlanta.
But, if we are to genuinely mature and flourish, the issue of providing programs to deliver subsidies and tax breaks to local construction companies must be explored and applied, and quickly.
The Voice of the People
With Atlanta having its government, it significantly narrows down the people who are in charge of this kind of legislation. Find your council-member and contact them! You have the power to bring these issues to their attention. You can change the cost of living in Atlanta as buildings keep rising. It’s time for us to do something about this. Everyone should have the opportunity to live in Atlanta, without such high costs.
