Across the country, homes prices are rising and homebuilding is not keeping pace with area demand. In many cities, the rapidly growing population exacerbates this problem. In Columbus, there is a shortage of about 5,000 housing units a year. This shortage has resulted in growing home values that limit affordability, especially for lower-income residents.
Home value increases in rapidly developing areas like this often are branded as gentrification – the process of changing historically poor, urban neighborhoods by wealthy residents moving in, improving housing and bringing new business. Lower-income residents can no longer afford rising home costs and are pushed out. However, on a neighborhood level, it is much more complicated than that.
In the latest episode of the Doorsteps podcast, Michael Wilkos of United Way of Central Ohio joins Dr. Cody Price to talk about this growing challenge and one Columbus neighborhood where government intervention has seen positive results: Weinland Park. Michael shares some successes of public sector action, challenges of these types of programs and some actionable insights for other growing cities.
The views and opinions expressed in Doorsteps are those of the individuals involved and do not necessarily reflect those of the Ohio Housing Finance Agency.