News Deal, December 15, 2021, Can Raleigh And Durham Avoid Past Development Mistakes As They Grow?
Downtown Durham and Raleigh have seen significant public and private investment. But the new high rises, office buildings and condos are a double-edged sword. As the tax base grew, so did property owners’ assessments and tax bills, often with their land value outpacing the value of their longtime family home. Rents rose, too. And some renters were displaced altogether as once-affordable rentals were sold or redeveloped.
“One of our biggest issues is racial wealth inequality,” said Adam Rust, a senior policy adviser of the National Community Reinvestment Coalition who lives in Durham.