Displacement will occur. If the housing strategy is not implemented, many low-income households in the area could be displaced. There are 8,300 renters and 4,400 low-income homeowners with household incomes that are less than 80 percent of the median family income (MFI). These people are vulnerable to rising housing costs that will displace them outside of the corridor if services, protections and affordable housing are not available.
Older apartment buildings will flip. There are over 300 older, unregulated affordable apartment buildings in the corridor containing more than 11,000 apartments – or most of the apartment stock. The average sale price of these buildings has risen considerably since 2010. As housing costs increase, many of these unregulated affordable apartment buildings will be purchased, likely raising rents.
New housing will be unaffordable. Newly constructed market rate housing will not meet the needs of low-income households moving into the corridor. Many of the 3,000 projected new households moving into the corridor over the next 10 years may be lower-income and will not be able to afford to live in the area unless new affordable housing is built.