#atlanta economic growth

[stratuspropertygroup]

Industrial Property Market Analysis

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[robertreich]

The Dark Side of Sports Stadiums

Billionaires have found one more way to funnel our tax dollars into their bank accounts: sports stadiums. And if we don’t play ball, they’ll take our favorite teams away.

Ever notice how there never seems to be enough money to build public infrastructure like mass transit lines and better schools? And yet, when a multi-billion-dollar sports team demands a new stadium, our local governments are happy to oblige.

A good example of this billionaire boondoggle is the host of the 2023 Super Bowl: State Farm Stadium.

That's where the Arizona Cardinals have played since 2006. It was finally built after billionaire team owner Michael Bidwill and his family spent years hinting that they would move the Cards out of Arizona if the team didn't get a new stadium. Their blitz eventually worked, with Arizona taxpayers and the city of Glendale paying over two thirds of the $455 million construction tab.

And State Farm Stadium is not unique. It’s part of a well established playbook.

Here’s how stadiums stick the public with the bill.

Step 1: Billionaire buys a sports team.

Just about every NFL franchise owner has a net worth of over a billion dollars — except for the Green Bay Packers, who are publicly owned by half a million cheeseheads.

The same goes for many franchise owners in other sports. Their fortunes don’t just help them buy teams, but also give them clout — which they cash-in when they want to get a great deal on new digs for their team.

Step 2: Billionaire pressures local government.

Since 1990, franchises in major North American sports leagues have intercepted upwards of $30 billion worth of taxpayer funds from state and local governments to build stadiums.  

And the funding itself is just the beginning of these sweetheart deals.

Sports teams often get big property tax breaks and reimbursements on operating expenses, like utilities and security on game days. Most deals also let the owners keep the revenue from naming rights, luxury box seats, and concessions — like the Atlanta Braves’ $150 hamburger.

Even worse, these deals often put taxpayers on the hook for stadium maintenance and repairs.

We taxpayers are essentially paying for the homes of our favorite sports teams, but we don’t really own those homes, we don’t get to rent them out, and we still have to buy expensive tickets to visit them.

Whenever these billionaire owners try to sell us on a shiny new stadium, they claim it will spur economic growth from which we’ll all benefit.  But numerous studies have shown that this is false.

As a University of Chicago economist aptly put it, "If you want to inject money into the local economy, it would be better to drop it from a helicopter than invest it in a new ballpark."

But what makes sports teams special is they are one of the few realms of collective identity we have left.

Billionaires prey on the love that millions of fans have for their favorite teams.

This brings us to the final step in the playbook: Threaten to move the team.

Obscenely rich owners threaten to — or actually do — rip teams out of their communities if they don’t get the subsidies they demand.

Just look at the Seattle Supersonics. Starbucks’ founder Howard Schultz owned the NBA franchise but failed to secure public funding to build a new stadium. So the coffee magnate sold the team to another wealthy businessman who moved it to Oklahoma.

The most egregious part of how the system currently works is that every dollar we spend building stadiums is a dollar we aren’t using for hospitals or housing or schools.

We are underfunding public necessities in order to funnel money to billionaires for something they could feasibly afford.

So, instead of spending billions on extravagant stadiums, we should be investing taxpayer money in things that improve the lives of everyone — not just the bottom lines of profitable sports teams and their owners.  

Because when it comes to stadium deals, the only winners are billionaires.

[threadatl]

This is a good article about Atlanta's I-MIX zoning designation, created in 2020 to allow for mixed-use development in formerly industrial spaces while leaving space for some industrial uses. Some of the biggest recent developments in the city have happened through this zoning.

Apparently the success of it is prompting other cities to explore similar zoning designations.

And while it's good to see new life on these properties, there's still some serious work to be done to improve the projects. Apart from the obvious need to fund affordability in theme, there's also the transportation component that needs to be addressed.

The article focuses on The Works on Chatthoochee Avenue. It's a street that lacks frequent transit, has no protected bike lanes, and has spotty sidewalks. We can do better than drive-to urbanism. Instead of just applauding individual developments in a vacuum, let's work at a more holistic level and ensure that these projects are part of equitable, sustainable urban neighborhoods.

[dreaminginthedeepsouth]

Mike Smith :: Las Vegas Sun

* * * *

LETTERS FROM AN AMERICAN

April 29, 2024

HEATHER COX RICHARDSON

APR 30, 2024

In December 2020, when the pandemic illustrated the extraordinary disadvantage created by the inability of those in low-income households to communicate online with schools and medical professionals, then-president Trump signed into law an emergency program to provide funding to make internet access affordable. In 2021, Congress turned that idea into the Affordable Connectivity Program (ACP) and made it part of the bipartisan Infrastructure Investment and Jobs Act (also known as the Bipartisan Infrastructure Law). 

The program has enabled 23 million American households to afford high-speed internet. Those benefiting from it are primarily military families, older Americans, and Black, Latino, and Indigenous households. In February, the Brookings Institution cited economics studies that said each dollar invested in the ACP increases the nation’s gross domestic product by $3.89 and that the program has led to increased employment and higher wages. It also cuts the costs of healthcare by replacing some in-person emergency room visits with telehealth.  

Slightly more of the money in the program goes to districts represented by Republicans than to those represented by Democrats, which might explain why 79% of voters want to continue the program: 96% of Democrats, 78% of Independents, and 62% of Republicans.

But the ACP is running out of money. Back in October 2023, President Joe Biden asked Congress to fund it until the end of 2024, and a bipartisan bill that would extend the program has been introduced in both chambers of Congress. Each remains in an appropriation committee. As of today, the House bill has 228 co-sponsors, the Senate bill has 5. 

Senate majority leader Chuck Schumer (D-NY) has said he supports the measure, but House speaker Mike Johnson (R-LA) has not commented. Judd Legum pointed out in Popular Information today that the 2025 budget of the far-right Republican Study Committee (RSC) calls for allowing the ACP to expire, saying the RSC “stands against corporate welfare and government handouts that disincentivize prosperity.” More than four fifths of House Republicans belong to the RSC. 

The differences between the parties’ apparent positions on the ACP illustrates the difference in their political ideology. Republicans object to government investment in society and believe market forces should be left to operate without interference in order to promote prosperity. Democrats believe that economic prosperity comes from the hard work of ordinary people and that government investment in society clears the way for those people to succeed. 

Wealth growth for young Americans was stagnant for decades before the pandemic, but it has suddenly experienced a historic rise. In Axios, Emily Peck reported that household wealth for Americans under 40 has risen an astonishing 49% from where it was before the pandemic. Wealth doubled for those born between 1981 and 1996. This increase in household wealth comes in part from rising home prices and more financial assets, as well as less debt, which fell by $5,000 per household. Households of those under 35 have shown a 140% increase in median wealth in the same time period.

Brendan Duke and Christian E. Weller, the authors of the Center for American Progress study from which Peck’s information came, say this wealth growth is not tied to a few super-high earners, but rather reflects broad based improvement. “A simple reason for the strong wealth growth is that younger Americans are experiencing an especially low unemployment rate and especially strong wage growth,” Duke and Weller note, “making it easier for them to accumulate wealth.” 

In honor of National Small Business Week, Vice President Kamala Harris today launched an “economic opportunity tour” in Atlanta, where she highlighted the federal government’s $158 million investment in “The Stitch,” a project to reconnect midtown to downtown Atlanta. This project is an initial attempt to reconnect the communities that were severed by the construction of highways, often cutting minority or poor neighborhoods off from jobs and driving away businesses while saddling the neighborhoods with pollution. 

While some advocates wanted to use the $3.3 billion available from the Bipartisan Infrastructure Law and the Inflation Reduction Act to take down highways altogether, the administration has shied away from such a dramatic revision and has instead focused on creating new public green spaces, bike paths, access to public transportation, safety features, and so on, to link and improve neighborhoods. More than 40 states so far have received funding under this program. 

The administration says that projects like The Stitch will promote economic growth in neighborhoods that have borne the burden of past infrastructure projects. Today it touted the extraordinary growth of small businesses since Biden and Harris took office, noting that their economic agenda “has driven the first, second and third strongest years of new business application rates on record—and is on pace for the fourth—with Americans filing a record 17.2 million new business applications.” 

Small businesses owned by historically underserved populations “are growing at near-historic rates, with Black business ownership growing at the fastest pace in 30 years and Latino business ownership growing at the fastest pace in more than a decade,” the White House said. The administration has invested in small businesses, working to level the playing field between them and their larger counterparts by making capital and information available, while working to reform the tax code so that corporations pay as much in taxes as small businesses do.  

“Small businesses are the engines of the economy,” the White House said today. “As President Biden says, every time someone starts a new small business, it’s an act of hope and confidence in our economy.” 

In place of economic growth, Republicans have focused on whipping up supporters by insisting that Democrats are corrupt and are cheating to take over the government. Matt Gertz of Media Matters noted in February that “Fox News host Sean Hannity and his House Republican allies spent 2023 trying to manufacture an impeachable offense against President Joe Biden out of their fact-free obsession with the president’s son, Hunter.” At least 325 segments about Hunter Biden appeared on Hannity’s show in 2023; 220 had at least one false or misleading claim. The most frequent purveyor of that disinformation was Representative James Comer (R-KY), chair of the House Oversight Committee, who went onto the show 43 times to talk about the president’s son. 

The House impeachment inquiry was really designed to salt right-wing media channels with lies about the president and, in the end, turned up nothing other than witnesses who said President Biden was not involved in his son’s businesses. Then the Republicans’ key witness, Alexander Smirnov, was indicted for lying about the Bidens, and then he turned out to be in contact with Russian spies. 

Comer has been quietly backing away from impeaching the president until today, when he popped back into the spotlight after news broke that Hunter Biden’s lawyer has threatened to sue the Fox News Channel (FNC) for “conspiracy and subsequent actions to defame Mr. Biden and paint him in a false light, the unlicensed commercial exploitation of his image, name, and likeness, and the unlawful publication of hacked intimate images of him.” His lawyer’s letter calls out FNC’s promotion of Smirnov’s false allegations. 

Last year, FNC paid almost $800 million to settle defamation claims made by Dominion Voting Systems after FNC hosts pushed the lie that Dominion machines had changed the outcome of the 2020 presidential election. 

Legal pressure on companies lying for profit has proved successful. Two weeks ago, the far-right media channel One America News Network (OAN) settled a defamation lawsuit with the voting technology company Smartmatic. Today, OAN retracted a false story about former Trump fixer Michael Cohen, apparently made to discredit the testimony of Stormy Daniels about her sexual encounters with Trump. OAN suggested that it was Cohen rather than Trump who had a relationship with Daniels, and that Cohen had extorted Trump over the story.  

“OAN apologizes to Mr. Cohen for any harm the publication may have caused him,” the network wrote in a statement. “To be clear, no evidence suggests that Mr. Cohen and Ms. Daniels were having an affair and no evidence suggests that Mr. Cohen ‘cooked up’ the scheme to extort the Trump Organization before the 2016 election.”

LETTERS FROM AN AMERICAN

HEATHER COX RICHARDSON

[aqquai]

The Democratic party needs drastic changes in messaging to win the next election. The party is seen as old, affulent, and out of touch with middle America.

Harris did, in part, what she attempted to: make gains in white, college educated suburbs while minimizing losses everywhere else. She did the first part relatively well.

The Democrats believed that by moving to the right on specific issues, they could win moderate suburban (generally wealthier) voters. Harris portrayed herself as tough on crime, strong on border control, and put forth means tested welfare policies. She did her best to portray herself as an extension of the status quo, and Trump as a radical.

Democrats made gains they desired: in the suburbs of Atlanta and Dallas, and shifts to the right were minimized in wealthy suburbs outside cities like Milwalkee and Austin, even as those states made hard turns to the right. In 2024, more than any other election year in recent history, voters for the Democratic candidate were comparitively wealthier and older.

It is clear that voters wanted a change to the status quo. If the Democrats want to get back the voters they lost: Hispanic and Black voters in high cost of living cities, working class voters in the rust belt, young voters, they need to acknowledge that the issues they are facing are real.

Globalization and neoliberal economic policy have led to a loss in manufacturing jobs. Poor planning has made large cities too expensive to live in. Inequality and midde class flights have led to poverty concentration in urban centers and increased crime. Job growth is strong, but most of this growth has been in lower paid service sector work: underemployement is a real issue for young voters, and they are generally worse off than previous generations. And politicians, wealthier than ever, seem more bothered by fundraising and corporate interests.

And Republicans have been able to make these issues stick to Biden-Harris.

Workers feel screwed over and overworked, and Trump is telling people that they are. He says immigrants and "coastal elites" are bringing crime and taking jobs, while Americans are being left behind. Trump, to the working class voters who left the Democrats behind, was seen authentically pointing out issues "everyones thinking about:" job loss, crime, immigration, war, and inflation. Trump's platform is short and to the point, while Harris's takes 600 words to answer one policy question.

Elections are based on vibes, and the "Vibe" of the Democratic party is that it's dominated by liberal intellectuals and party machine candidates. Policy such as student loan forgiveness, tax cuts for first-time homebuyers, etc, mean nothing to voters who never went to college and can't imagine buying a home in this economy.

If the Democrats want to move to the right on issues like crime and immigration--if they think this will better reach voters--they cannot simply just take a page out of the Republican's playbook and start talking about border security and being tough on crime. Using Republican framing will fail and will just legitimize Republican talking points.

If they want to move right on issues of immigration and crime, Democrats need to frame the issues in "Democrat" ways. Talk about the potential depressing effect immigrants have on wages. Talk about how big agribusiness loves illegal immigration because they can exploit that labor more, and this is why nothing is done. Talk about inequality and its relation to crime. Talk about how large chains have eaten away at small businesses in middle America, killing downtowns and a small town middle-class.

Democrats also must talk about issues that are generally relatable to voters and motivate their base. Issues like expensive health insurance, strong union rights, high housing costs, stagnant real wages, and money in politics.

A Republican would tell you that it was DEI, abortion, and lgbt issues that caused voters to leave the Democratic party, but I would disagree. Harris, more than Hillary, minimized her gender and focused on policy. Voters broadly agree with the democratic party on issues of abortion and lgbt, but those issues are simply not as important as the core economic issues that bring people to the polls.

I voted for Harris, but I could see her loss coming before the election started. I work with people on the ground, and they feel unheard.

[atlantathecity]

I love this scene. But it's not enough.

Getting affordability right and implementing rail are both key components for equity on the Atlanta Beltline.

If the Beltline ends up as a playground for wealthy & able bodied people, that means we've spent tons of public resources to benefit the privileged -- to generate gentrification.

This has to become a transportation and neighborhood-building project that benefits every economic group, and every ability. We have to do better with funding affordable homes here amid the new growth, and we have to build the rail that has always been at the heart of the Beltline concept.

[atlurbanist]

This quote comes from Dan Immergluck's great book "Red Hot City: Housing, Race, and Exclusion in Twenty-First-Century Atlanta." Recommended reading.

Atlanta saw a 28% increase in its tech talent pool from 2013-18. During that boom, we missed a huge opportunity for equitable outcomes.

Instead of transforming that economic growth into critical public services such as subsidies for housing for lower-income Atlanta, the inflow of higher-wage workers just ended up driving local rents higher, hurting low-income folks the most.

I'm glad to see the city make good efforts toward affordable housing in recent years. We're moving in the right direction.

But going forward, we need to think of growth and investment as a tool for truly equitable outcomes, with measurable success. We're not at that point yet.

City leaders are constantly getting an earful of demands from the local elite about remaining "business friendly" and not disturbing the status quo of investment returns for powerful interests. They need to hear from the rest of us.

[187days]

Day Ninety-Eight

Today was “anything but a backpack” day, so I had students bring their school stuff in suitcases, laundry baskets, coolers, lockers, shopping carts borrowed from Walmart, a remote control car, etc, etc... 

It was hilarious. 

In World, I showed students some pictures of the bridges that have been or are being built in Nepal since they were so curious about whether or not that was happening. Some had even gone home and looked up more information on their own, and they shared that, which was very cool. And then we had a broader discussion about how development can help cultures overcome geographic difficulties- and other kinds of difficulties- but it has to be sustainable.

That was the segue to having them read the UN’s Sustainable Development Goals. We read the first one- no poverty- together, then I had them pick another goal to read on their own. Then I asked them to share what they’d read and learned with their classmates. That went really well, and even the boys in my Block 2 class, who still attempt to try my patience daily and grumble under their breath about how much they hate my class, told me it was interesting. So that’s a win. I wanted to end with an example of a country that’s made progress towards those goals, so I showed students some images of South Korea in 1960 versus today so they could get a sense of the economic development that’s taken place there over the past few decades. Then I had them read an annotate an article about how it’s happened. There were lots of comments about how rapid the country’s transformation has been. And the article touches on k-culture exports, so some talk about kpop, Squid Game, and such also ensued. That was fun. 

My APGOV students had to tackle the evolution of federalism today. First, they shared what they’d learned about for homework: the 10th and 14th amendments, plus the rulings in several court cases (McCulloch v. Maryland, Gibbons v. Ogden, Heart of Atlanta Motel v. United States, United States v. Lopez, Obergefell v. Hodges, Dobbs v. Jackson Women’s Health). We discussed what each of those rulings meant for the balance of national and state power, and I went on a tangent about expansive commerce power so they could see how its relevant to their daily lives. And, lastly, we talked about how the growth of the bureaucracy has led to the literal expansion of the national government, but also the expansion of its power. I used the passage of the Pure Food and Drug Act and the creation of what would become to FDA to illustrate that point, and went on another tangent about how broadly the FDA’s authority now extends. 

And, even after all that, there were still 20 minutes left in the block. My students were surprised that I didn’t just keep going to fill the time, but I reminded them that it’s a college-style course; when we’re done whatever we need to do for the day, we’re done. I added that when they’re actually in college their professors will just let them leave, which not all of them realized. But they like that, and they liked me giving them the free time today. 

I used it to wrap up a few odds and ends so that I could leave right at the end of my contract day, too. I walked out with Mr. F and Ms. A, and, thankfully, it wasn’t too cold outside. Now, it’s really getting frigid out there; tomorrow the low is going to be -20! Eeeek!

[seantarpenningrealestate]

Sean Tarpennings: A Visionary Leader in Real Estate Investment and Market Growth

Sean Tarpennings is a seasoned real estate professional whose career journey is as diverse as the markets he’s influenced. With a deep understanding of market analysis, investment strategy, and community impact, Sean has built a reputation as a visionary leader in real estate. His path to success, however, is not your typical one. It’s a tale of evolution, from healthcare technology to real estate investing—one that showcases his ability to pivot, innovate, and thrive.

From Healthcare to Real Estate: A Career Transition

Sean’s career started in a field far removed from real estate. After earning a Bachelor’s degree in Administration and Management from the University of Central Missouri, he began working at Cerner, a leading healthcare technology company. His role here gave him a foundational understanding of systems, problem-solving, and the importance of data-driven decisions. These skills would later become integral to his real estate investment career.

Following his time at Cerner, Sean worked as a certified CAD technician for the US Railroad, gaining additional technical expertise that set him apart in any field he pursued. However, it was his growing interest in real estate investing that ultimately became his true calling.

A Market Expert Across the U.S.

Sean’s shift into real estate investing in the early 2010s was a turning point. He partnered with industry professionals in over 10 U.S. markets, successfully identifying and capitalizing on lucrative investment opportunities. His early work, spanning from 2011 to 2014, saw him facilitating the sale of over 2,500 properties across cities like Kansas City, St. Louis, Phoenix, Atlanta, and Dallas. Sean's knack for spotting emerging markets and understanding regional trends made him a sought-after collaborator in the investment space.

Founding US Real Estate Equity Builder: Impact Beyond the Deal

In 2015, Sean took a significant step by founding US Real Estate Equity Builder (USREEB), initially focusing on the Kansas City market. This move would eventually expand into Dayton and Cincinnati, Ohio. Under Sean’s leadership, USREEB and its affiliate companies acquired and sold over 2,500 single-family, commercial, and multi-family assets. The vast majority of these investments were made in low-income areas, showcasing Sean's commitment to both profitable ventures and creating positive social impact.

Between 2015 and 2021, Sean’s efforts were responsible for significant job creation in the communities he worked in. By revitalizing neighborhoods and improving the quality of housing in underserved areas, he contributed to economic stability in Kansas City, Dayton, and Cincinnati. His approach went beyond simply acquiring properties; it involved making long-term investments that benefited both his clients and the residents of these communities.

A Lasting Legacy in Real Estate and Beyond

Today, Sean Tarpennings stands as a trusted expert in real estate, known for his keen eye for opportunity and his ability to navigate complex markets. His work has empowered investors from across the country to build wealth while simultaneously uplifting local economies. He has built a legacy not just in real estate transactions, but in creating enduring value for people and communities.

As we look to the future, Sean’s innovative approach to real estate investment is set to continue shaping markets nationwide. Whether it’s through strategic acquisitions, community-building initiatives, or mentoring the next generation of real estate investors, his impact on the industry is poised to remain far-reaching.

For those looking to learn from a true market strategist and real estate professional, Sean Tarpennings is a name to watch. His ability to blend data-driven insights with a focus on community development is a model for success in today’s ever-evolving real estate landscape.

[atlantagaimmigrationlawyer]

Atlanta Immigration Lawyer Community

Atlanta, Georgia, is a vibrant and diverse city, often referred to as the gateway to the South. Its rich cultural tapestry is a direct reflection of the city’s immigrant population, which has grown steadily over the years. This growth has fostered a strong community of immigration lawyers dedicated to helping individuals and families navigate the complexities of U.S. immigration law.

The role of an immigration lawyer is multifaceted. These professionals assist with a variety of legal matters, including visa applications, green card processes, deportation defense, asylum claims, and citizenship applications. In Atlanta, the demand for experienced immigration attorneys is particularly high due to the city's status as a hub for international business, education, and cultural exchange. Immigrants from Latin America, Asia, Africa, and Europe all call Atlanta home, creating a need for lawyers who are not only skilled in the law but also culturally competent and empathetic.

Atlanta’s immigration lawyer community is distinguished by its commitment to advocacy and justice. Many firms and independent attorneys in the city offer personalized services tailored to the unique needs of their clients. For example, attorneys may specialize in helping undocumented individuals seek relief under programs like Deferred Action for Childhood Arrivals (DACA) or provide legal counsel to families separated by international borders. These lawyers often act as advocates, not just in the courtroom but also in broader legislative and community efforts aimed at reforming immigration policy.

One notable feature of Atlanta's immigration lawyer community is its emphasis on accessibility. Many firms offer free initial consultations and affordable payment plans to ensure that legal services are within reach for all. Additionally, nonprofit organizations and pro bono legal clinics play a vital role in supporting the city's immigrant population. Groups like the Georgia Asylum and Immigration Network (GAIN) and the Latin American Association work alongside private attorneys to provide critical legal assistance to those who might otherwise be unable to afford it.

The challenges faced by immigrants in Atlanta are complex and varied. Language barriers, fear of deportation, and ever-changing immigration policies can make it difficult for individuals to understand their rights and options. This is where Atlanta's immigration lawyers shine, offering clarity and guidance in what can be an overwhelming process. Many attorneys in the area are bilingual or multilingual, enabling them to communicate effectively with clients from diverse backgrounds.

The impact of immigration lawyers extends beyond individual cases. By helping people secure legal status, reunite with family members, or obtain work authorization, these professionals contribute to the social and economic fabric of Atlanta. Immigrants who achieve stability through legal assistance often go on to become active contributors to their communities, whether as business owners, students, or civic leaders.

In conclusion, Atlanta’s immigration lawyer community is an indispensable part of the city’s identity. These dedicated professionals not only provide essential legal services but also play a crucial role in fostering inclusion and opportunity for immigrants. Their work is a testament to the power of legal advocacy in creating a more equitable and welcoming society. As Atlanta continues to grow and diversify, its immigration lawyers will undoubtedly remain at the forefront of ensuring justice and support for all who seek a better future in the city.

[dkaufmandevelopment]

2025 Multifamily Market Forecast: Opportunities and Challenges Ahead

As we step into 2025, the multifamily market is at a pivotal moment, shaped by a combination of stabilizing rents, shifting occupancy rates, and macroeconomic factors. Drawing from insights in the November 2024 Yardi Matrix Multifamily National Report, here’s a comprehensive forecast to guide developers and investors through the year ahead.

Rent Growth: Modest Gains Expected in 2025

In 2024, the national average rent stabilized at $1,920, reflecting a cooling period after years of aggressive growth. For 2025:

• National Outlook: Expect rent growth to remain modest, averaging 2-3%. This reflects a normalized market where supply has caught up with demand in many regions.

• Regional Variances:

• Sunbelt Markets: Cities like Austin, Phoenix, and Las Vegas may continue to see minimal growth—or slight declines—due to persistent oversupply.

• Gateway Cities: Markets like New York, San Francisco, and Boston should experience renewed growth driven by strong job markets and international migration.

Developer Insight: Focus on markets with steady job growth and demand for mid-tier rentals. Avoid oversupplied markets unless targeting long-term value-add opportunities.

Occupancy Rates to Remain Competitive

With national occupancy at 94.2% in late 2024, we expect continued softness in 2025 as 930,000 units under construction are delivered. Occupancy could dip further in some oversupplied markets, while stabilized markets should hold firm.

• Demand Factors: Rising interest rates and high homeownership costs will keep renters in the market, particularly in urban areas.

• New Supply Impact: Markets like Dallas, Nashville, and Atlanta will feel pressure as developers race to fill newly completed units.

Investor Opportunity: Look for properties with below-market rents in competitive areas. Strategic upgrades and targeted leasing efforts can improve NOI despite headwinds.

Supply Pipeline: Adjusting to Economic Realities

While construction activity slowed in late 2024, 2025 will see the delivery of projects launched during the pandemic boom. Developers are expected to remain cautious as:

• Rising material costs and labor shortages persist.

• Financing challenges from elevated interest rates continue to squeeze margins.

Expect a decline in new starts, especially for large-scale luxury projects, as developers shift focus toward workforce housing and suburban infill developments.

Strategic Move for Developers: Focus on smaller, flexible projects that cater to niche markets like affordable housing, single-family build-to-rent, or aging-in-place communities.

Economic Influences: A Mixed Bag

The broader economic environment will play a pivotal role in 2025:

• High Interest Rates: Elevated borrowing costs will remain a challenge for new developments and acquisitions.

• Resilient Job Growth: Markets with strong employment growth in sectors like tech, healthcare, and logistics will outperform.

• Affordability Crisis: High single-family home prices will keep many potential buyers in the rental market, sustaining demand for multifamily units.

Investor Perspective: Stay laser-focused on employment trends and migration patterns. Markets with resilient economies and population growth will deliver stronger returns.

Key Trends to Watch in 2025

1. Urban Revival: As remote work stabilizes, urban cores will continue their rebound, driven by younger renters seeking proximity to jobs and amenities.

2. Affordable Housing Focus: The demand for mid-market and workforce housing will grow as renters face affordability pressures.

3. Tech-Driven Operations: From smart building technologies to AI-powered leasing platforms, innovation will be key to reducing costs and improving tenant satisfaction.

4. ESG-Driven Developments: Investors will increasingly prioritize sustainable and energy-efficient properties, both for compliance and tenant demand.

6. Long-Term Outlook: Resilience in Multifamily

Despite short-term challenges, multifamily real estate remains a resilient asset class with strong fundamentals. Rising homeownership barriers, demographic shifts favoring renters, and long-term housing demand will sustain the sector’s growth.

Actionable Strategies for 2025

• Developers: Focus on projects that balance affordability and amenities to appeal to cost-conscious renters.

• Investors: Pursue value-add properties with potential for rent growth in high-demand markets.

• Operators: Leverage technology to streamline operations, reduce costs, and enhance tenant experiences.

The multifamily market in 2025 will demand agility, innovation, and a keen understanding of local market dynamics. Those who adapt to these shifting conditions will emerge as leaders in the next phase of the housing market cycle.

What’s your game plan for 2025? Let’s discuss in the comments!

[stratuspropertygroup]

Atlanta Commercial Real Estate

Unlock Opportunities For Your Business in the Atlanta Commercial Real Estate Market

Welcome to the heart of opportunity—Atlanta, Georgia, where our thriving commercial real estate market stands as a beacon for businesses seeking growth and prosperity. Nestled in the bustling southeastern United States, Atlanta offers more than just a strategic location; it's a dynamic hub flowing with possibilities. Learn more as we explore what makes Atlanta the premier destination for your commercial real estate ventures and discover the advantages awaiting your business.

Strategic Location and Connectivity

Our city seamlessly connects us to the world through the renowned Hartsville-Jackson International Airport, ensuring unparalleled accessibility for businesses aiming to expand regionally or nationally. Atlanta’s strategic positioning makes it a coveted choice for those seeking to amplify their reach.

Diverse Industry Sectors

In Atlanta, diversity isn't just a buzzword; it's the cornerstone of our thriving commercial real estate market. From tech titans to healthcare heroes, Atlanta accommodates a plethora of industries, ensuring that every business finds its perfect match in our vibrant landscape.

Growing Economy

Atlanta isn't just growing; it's thriving. Fueled by a potent mix of corporate giants and burgeoning startups, our city nurtures innovation and fosters growth like no other. With each passing day, Atlanta solidifies its status as an economic powerhouse, attracting investment and driving demand for commercial real estate.

Variety of Commercial Real Estate Options

Whether you're dreaming of a sleek downtown office space or a sprawling suburban warehouse, Atlanta has it all. Our diverse portfolio of commercial properties caters to every need and aspiration, ensuring that your business finds its ideal home amidst our dynamic landscape. Additionally, Atlanta boasts mixed-use developments that combine retail, office, and residential spaces, providing a dynamic environment for work, leisure, and living.

Affordability

Atlanta's commercial real estate market offers affordability without compromising quality. Compared to other major cities, our rates are competitive, allowing businesses to stretch their resources further and invest in their growth with confidence.

Supportive Business Environment

At the heart of Atlanta lies a community dedicated to your success. From government incentives to bustling networking events, our city pulls out all the stops to support businesses of every size and sector. In Atlanta, your success isn't just a goal; it's a shared mission.

Conclusion

Atlanta isn't just a city; it's a promise of growth, opportunity, and success. With its strategic location, diverse industries, booming economy, expansive property options, affordability, and unwavering support for businesses, Atlanta stands as the ultimate destination for commercial real estate ventures. So why wait? Contact us today and allow Stratus help your business dreams come to life amidst a landscape brimming with possibilities!

[threadatl]

Invest Atlanta is requesting proposals for turning a 1-acre stretch of parking lots next to MARTA’s Garnett Station into affordable & market-rate housing! The property is at 184 Forsyth Street. There is *way* to much underused space (mostly parking) around this Downtown rail station and it's past time for something to happen with it. Mixed-income housing would be a great outcome. The Request for Proposals (RFP) also asks for the project to have "revenue sources other than rent paid by residents (ground floor retail, rooftop urban farm, etc.)" Responses are due March 31, 2023. You can spot Thread ATL's own Matt Garbett in the article/video linked above, talking about why these parking lots are a bad use of this land.

[dreaminginthedeepsouth]

LETTERS FROM AN AMERICAN

February 1, 2024

HEATHER COX RICHARDSON

FEB 2, 2024

One of the biggest stories of 2023 is that the U.S. economy grew faster than any other economy in the Group of 7 nations, made up of democratic countries with the world’s largest advanced economies. By a lot. The International Monetary Fund yesterday reported that the U.S. gross domestic product—the way countries estimate their productivity—grew by 2.5%, significantly higher than the GDP of the next country on the list: Japan, at 1.9%.

IMF economists predict U.S. growth next year of 2.1%, again, higher than all the other G7 countries. The Federal Reserve Bank of Atlanta projects growth of 4.2% in the first quarter of 2024.

Every time I write about the booming economy, people accurately point out that these numbers don’t necessarily reflect the experiences of everyone. But they have enormous political implications. 

President Joe Biden, Vice President Kamala Harris, Secretary of the Treasury Janet Yellen, and the Democrats embraced the idea that using the government to support ordinary Americans—those on the “demand” side of the economy—would nurture strong economic growth. Republicans have insisted since the 1980s that the way to expand the economy is the opposite: to invest in the “supply side,” investors who use their capital to build businesses. 

In the first two years of the Biden-Harris administration, while the Democrats had control of the House and Senate, they passed a range of laws to boost American manufacturing, rebuild infrastructure, protect consumers, and so on. They did so almost entirely with Democratic votes, as Republicans insisted that such investments would destroy growth, in part through inflation. 

Now that the laws are beginning to take effect, their results have proved that demand-side economic policies like those in place between 1933 and 1981, when President Ronald Reagan ushered in supply-side economics, work. Even inflation, which ran high, appears to have been driven by supply chain issues, as the administration said, and by “greedflation,” in which corporations raised prices far beyond cost increases, padding payouts for their shareholders.

The demonstration that the Democrats’ policies work has put Republicans in an awkward spot. Projects funded by the Infrastructure Investment and Jobs Act, also known as the Bipartisan Infrastructure Law, are so popular that Republicans are claiming credit for new projects or, as Representative Maria Elvira Salazar (R-FL) did on Sunday, claiming they don’t remember how they voted on the infrastructure measure and other popular bills like the CHIPS and Science Act (she voted no). When the infrastructure measure passed in 2021, just 13 House Republicans supported it. 

Today, Medicare sent its initial offers to the drug companies that manufacture the first ten drugs for which the government will negotiate prices under the Inflation Reduction Act, another hugely popular measure that passed without Republican votes. The Republicans have called for repealing this act, but their stance against what they have insisted is “socialized medicine” is showing signs of softening. In Politico yesterday, Megan Messerly noted that in three Republican-dominated states—Alabama, Georgia, and Mississippi—House speakers are saying they are now open to the idea of expanding healthcare through Medicaid expansion.

In another sign that some Republicans recognize that the Democrats’ economic policies are popular, the House last night passed bipartisan tax legislation that expanded the Child Tax Credit, which had expired last year after Senate Republicans refused to extend it. Democrats still provided most of the yea votes—188 to 169—and Republicans most of the nays—47 to 23—but, together with a tax cut for businesses in the bill, the measure was a rare bipartisan victory. If it passes the Senate, it is expected to lift at least half a million children out of poverty and help about 5 million more. 

But Republicans have a personnel problem as well as a policy problem. Since the 1980s, party leaders have maintained that the federal government needs to be slashed, and their determination to just say no has elevated lawmakers whose skill set features obstruction rather than the negotiation required to pass bills. Their goal is to stay in power to stop legislation from passing.

Yesterday, for example, Senator Chuck Grassley (R-IA), who sits on the Senate Finance Committee and used to chair it, told a reporter not to have too much faith that the child tax credit measure would pass the Senate, where Republicans can kill it with the filibuster. “Passing a tax bill that makes the president look good…means he could be reelected, and then we won’t extend the 2017 tax cuts,” Grassley said.

At the same time, the rise of right-wing media, which rewards extremism, has upended the relationship between lawmakers and voters. In CNN yesterday, Oliver Darcy explained that “the incentive structure in conservative politics has gone awry. The irresponsible and dishonest stars of the right-wing media kingdom are motivated by vastly different goals than those who are actually trying to advance conservative causes, get Republicans elected, and then ultimately govern in office.” 

Right-wing influencers want views and shares, which translate to more money and power, Darcy wrote. So they spread “increasingly outlandish, attention-grabbing junk,” and more established outlets tag along out of fear they will lose their audience. But those influencers and media hosts don’t have to govern, and the anger they generate in the base makes it hard for anyone else to, either. 

This dynamic has shown up dramatically in the House Republicans’ refusal to consider a proposed border measure on which a bipartisan group of senators had worked for four months because Trump and his extremist base turned against the idea—one that Republicans initially demanded. 

Since they took control of the House in 2023, House Republicans have been able to conduct almost no business as the extremists are essentially refusing to govern unless all their demands are met. Rather than lawmaking, they are passing extremist bills to signal to their base, holding hearings to push their talking points, and trying to find excuses to impeach the president and Secretary of Homeland Security Alejandro Mayorkas.

Yesterday the editorial board of the Wall Street Journal, which is firmly on the right, warned House Republicans that “Impeaching Mayorkas Achieves Nothing” other than “political symbolism,” and urged them to work to get a border bill passed. “Grandstanding is easier than governing, and Republicans have to decide whether to accomplish anything other than impeaching Democrats,” it said. 

Today in the Washington Post, Jennifer Rubin called the Republicans’ behavior “nihilism and performative politics.”

On CNN this morning, Representative Dan Goldman (D-NY) identified the increasing isolation of the MAGA Republicans from a democratic government. “Here we are both on immigration and now on this tax bill where President Biden and a bipartisan group of Congress are trying to actually solve problems for the American people,” Goldman said, “and Chuck Grassley, Donald Trump, Mike Johnson—they are trying to kill solutions just for political gain." 

LETTERS FROM AN AMERICAN

HEATHER COX RICHARDSON

[omarelrahimy]

Building of Multifamily Apartments to Hit Record in 2024

Apartment construction will hit a record high in 2024, according to a new report by apartment search website RentCafe. As of August 2024, developers across 369 metro areas were on track to deliver over 518,000 new apartments, up 9 percent from 2023 and 30 percent from 2022. RentCafe based its findings on an analysis by Yardi Matrix Data. The data related to completed and nearly completed buildings with at least 50 units in 369 metro areas.

The 518,000 new apartments in 2024 will be the highest recorded from data collected since 1975. For the first time, new apartments will exceed 500,000. This number builds on a trend that started in 2011 when the number of new apartments was about 126,000. The only dips were in 2019 and 2022.

The New York City metro area (excluding the Bronx and Staten Island) will have the highest number of new apartments for the second year running, driven by a big demand for housing. The city is expected to have nearly 33,000 new rental units by the end of 2024. Most new units will be in Brooklyn (over 9,000), followed by Manhattan (nearly 3,000). These new apartments are expected to partly offset the city’s stubborn housing shortage.

Second and third on the list of cities with the most new apartments are Dallas and Austin, Texas. Dallas will see nearly 33,000 new rental units in 2024. Dallas proper will contribute the bulk of these units (over 5,000), followed by Fort Worth (over 4,600) and Frisco (over 2,000).

Dallas has experienced strong construction growth in recent years because of its consistent population rise. The city also has a business-friendly environment that attracts companies from across the country. This increases employment opportunities and boosts wages.

In Austin, nearly 22,000 new rentals are available in 2024. According to the US Census Bureau, Austin is already the second fastest-growing city in the country, spurred by its strengthening tech, healthcare, and hospitality industries. As these industries expand, new job opportunities emerge that attract skilled workers who need housing.

Rounding out the top five cities with the most new apartments in 2024 are Phoenix, Arizona; and Atlanta, Georgia. The Phoenix metro area will add over 20,000 apartments, while the Atlanta metro area will add nearly 19,000.

Notably, three of these top five cities are already among the top five in new apartments in the past five years (2019 to 2023). The cities are Dallas with over 128,000 units (ranked 1st), New York with over 116,000 units (ranked 2nd), and Atlanta with over 73,000 units (ranked 5th).

Rising apartment construction rates are good for renters across the US. Already, the country has a housing shortage, with the National Apartment Association forecasting a need for 3.7 million rental units by 2035. More rental units give renters more housing options and reduce demand, which limits rent price increases. Development projects also create jobs and support economies in surrounding communities.

Looking ahead, US developers will continue erecting new multifamily buildings. Further, after the September 2024 decision by the US Federal Reserve to begin lowering interest rates, more capital will be available to developers. This will enable them to build more units to meet the nation’s housing needs while propelling economic expansion.