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UCLA Housing Voice
Encore Episode: Market-Rate Development and Neighborhood Rents with Evan Mast
Sep 18, 2024
Evan Mast, a researcher focused on the impact of market-rate housing on low-income markets, shares his insights on neighborhood dynamics. He discusses how new developments can ease rent pressures, challenging the notion that they always lead to gentrification. The conversation dives into migration patterns, highlighting how new housing can lead to lower rents elsewhere. Mast emphasizes the importance of accurate rent data and the nuanced effects of these developments on local communities, urging policymakers to consider context in housing initiatives.
46:53
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Quick takeaways
- New market-rate housing in low-income neighborhoods can lead to slower rent increases in nearby properties, stabilizing local markets.
- The relocation of higher-income residents into new apartments can trigger a trickle-down effect, improving affordability for lower-income individuals.
Deep dives
Impact of Market Rate Housing on Nearby Rents
New market rate apartment construction in low-income neighborhoods can counterintuitively lead to slower rent increases in nearby properties. Research suggests that instead of driving up rents, the introduction of new supply tends to stabilize them, with nearby rents increasing at a rate 5 to 7% lower than comparable areas without new developments. For instance, when comparing rent trajectories across similar neighborhoods, the data indicates that rents near new buildings do not accelerate as quickly, suggesting a dampening effect on rental costs. This finding aligns with the notion that increased housing supply contributes to overall market stability, particularly in areas that are previously experiencing gentrification.
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