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📅 Today's Story: Despite ambitious promises to rebuild “higher and better” after Hurricane Katrina, New Orleans remains mired in a housing affordability crisis that has only deepened since Katrina.
HOUSING
Post-Katrina New Orleans is More Unaffordable Than Ever |
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Historic homes in New Orleans, LA (Shutterstock)
📰 What Happened: In the wake of Hurricane Katrina, which destroyed over 134,000 homes, New Orleans city leaders pledged to rebuild inclusively. Yet the median home price has jumped nearly 10% YoY to $335,000—placing New Orleans among the top 10 fastest-growing metros.
🔍 A Closer Look: While New Orleans is seeing some progress—such as the approved Housing Trust Fund that will dedicate 2% of the annual budget ($17 million) to affordable housing—efforts may be insufficient. In fact, the share of rent-burdened residents climbed from 24% pre-Katrina to 34% today.
🧠 Why It Matters: As New Orleans continues to gentrify, the city’s failure to replace lost housing will have consequences. The legacy of post-Katrina redevelopment will be determined by whether the city prioritizes equitable housing strategies or leaves those in need stranded again.
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