Increased Density v. Affordable Housing: Battle at Stoneridge

Ardent Residential's plan to demolish the Stoneridge apartment complex on South Lamar is coming up against opposition from affordable housing advocates. The plan would replace the existing 141 unit complex with a new 300 unit complex. The new complex would make 10% of the units "affordable," as mandated by the city, but even those affordable units would cost nearly double the rent of the existing units.
The new complex would comply with the new commercial design regs: the building would be close to the street, with sidewalks (not parking lots) in between, and it would include 10,000 square feet of ground-floor retail. In short, it is exactly the kind of building that the city (and this blog) has been pushing for.
Mandated affordability quotas may help those lucky enough to get an "affordable" apartment, but they leave many people out. Rent control removes the economic incentive for owners to maintain and upgrade apartments. Prohibiting developers from replacing old complexes creates similar problems. Increasing the supply of housing should push prices down in general, but losing existing affordable housing is a problem, and an extremely serious problem for the 141 families that would be displaced.
Image from OutRegis on Flickr
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