It’s no secret that Dallas has had its share of affordable housing challenges for many years. The question has always been: how do we create a thriving, robust city that’s working for EVERYONE?
TREC’s Public Policy Committee plays a critical role in educating its members and thought leaders on local and state policy issues. It aims to assist city leaders in crafting well thought out policies that can help improve our communities and shape positive outcomes for the city and its residents. As specific policy issues arise, ad hoc working groups are formed. One such group is TREC’s affordable housing group.
During our first Public Policy Committee meeting of the year on January 18, Raquel Favela, the city’s chief of economic development and neighborhood services, briefed the committee on a long-awaited Market Value Analysis for the city. The MVA is a geographical analytical tool produced by the Reinvestment Fund, a nonprofit organization that specializes in using data-based analysis to provide a comprehensive overview of a city’s housing market.
Here’s what we learned:
South Dallas has long been underserved, overlooked, and presents a great investment opportunity
The MVA identified areas of opportunity for growth and investment, particularly in South Dallas. South Dallas has been plagued by a lack of resources, such as housing, education, healthcare, and high-impact employment opportunities. Unfortunately, only 15 percent of the city’s tax base comes from South Dallas, although it comprises 54 percent of the city’s land mass. It’s been said that the entire City of Atlanta could fit into South Dallas. This may present a once-in-a-lifetime opportunity for investors looking to capitalize in a city that Amazon has shortlisted to land its second corporate headquarters. Community feedback has shown that South Dallas residents are eager and willing to support investment in their communities.
Public input has been central to the process
A number of councils, nonprofits, community development corporations, developers, and community stakeholders have teamed up to not only provide research and recommendations but help validate the data contained in the MVA. We have now identified areas of opportunity with hard data. The city is now armed with a powerful tool to help engineer targeted reinvestment strategies and policies that serve the needs of all of our residents.
Leadership at the forefront
TREC’s Public Policy Committee consists of CEOs, executives, attorneys, political leaders, developers, commissioners, investors, and community leaders, among others. When that collection of expertise is assembled, it’s easy to imagine informed solutions to the challenges our city faces.
Dallas is a dynamic city with its own set of unique challenges. Now is the time for us to step forward to meet the challenges of tomorrow. Let’s ask ourselves, how can we best serve our communities and our neighbors? We won’t solve all of our problems overnight, but with the tireless efforts of our thought leaders and community stakeholders, we can ensure that all voices are heard, and we can, quite literally, build our collective futures together.
Public Policy Committee: Dallas Market Value Analysis Takeaways
