NASHVILLE, Tenn. (WZTV) βThere are only 5 single family homes priced under $100,000 in Davidson County, according to a former president of the Greater Nashville Realtors.
And thereβs only 5 single family homes between $100,000 and $200,000 the groupβs former president Sher Powers said.
Mayor John Cooper announced $10 million for 335 new affordable housing units Wednesday.
Cooper and nonprofits alike say more needs to be done. He said last week that he hopes that by building more homes, itβll drive the cost of the homes down.
He said there were 12,000 new units built in Nashville last year.
Beth Shinn, a professor at Vanderbilt University and a member of the Affordable Housing Task Force, says sheβd like to see 20,000 new units over the next five to ten years.
Powers said sheβd like to see 36,000.
βIβd like to see that number tripled for the next few years, and I think thatβs realistic based on the volume of people that we have coming,β Powers said.
Having limited affordable housing is a negative of being such a fast-growing city, Cooper said. His office plans to tackle the issue through different funds, grants, and tax incentives to partner with the private sector.
The mayor included in his budget more than $30 million for the Barnes Fund for Affordable Housing, a new catalyst Housing fund, which the mayorβs office said will help preserve affordable housing units, a PILOT to boost private sector participation in affordable housing developments, and a plan to develop Metro-owned land on 24th Ave. N.
Shinn said this is a good start. She said some of these are suggestions the Affordable Housing Task Force gave to Cooper. Their full report hasnβt been released yet.
βMayor Cooperβs recent announcements are a good down payment, but again donβt get us where in Nashville ultimately needs to be,β Shinn said.
Cooper told our team that rent control is illegal in Tennessee, and not an option to fight rising prices.