Fiscal Note
No additional City appropriation is required with the acceptance of this whitepaper. Implementing recommendations within the whitepaper will require the inclusion of expenditures in future capital and operating budgets, subject to Common Council approval at that time.
Title
SUBSTITUTE - Accepting the white paper titled “Equitable Development in Madison: An assessment of factors contributing to displacement and gentrification”.
Body
PREAMBLE
The recently adopted Oscar Mayer Strategic Assessment contained a recommendation to evaluate of how housing prices in Madison are impacting displacement and gentrification within the city. After reviewing studies prepared by other communities, Planning Division staff emulated a census tract-based analysis that considered economic vulnerability, demographic change and housing markets to understand which areas are most susceptible to gentrification and displacement. In addition to identifying where this could occur, staff researched best practices that can minimize or mitigate potential negative consequences of future growth in these areas.
WHEREAS, in the City of Madison, as well as nationally, the increasing costs of housing has become a critical issue; and,
WHEREAS, the average cost of housing in Madison increased approximately 25% in the most recent five year period for which data is available; and,
WHEREAS, increasing housing costs have a disproportionate impact on lower-income residents; and
WHEREAS, several central neighborhoods well served by transit have seen some of the highest increases in housing costs, possibly resulting in displacement of low income residents to more affordable, more peripheral areas with less transit access; and
WHEREAS, with anticipated population growth of 70,000 over the next 25 years, market forces are unlikely to change significantly; and,
WHEREAS, analyzing demographic and housing market time series data can help identify areas most at risk for gentrification and displac...
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