Oracle’s proposed Nashville campus comes with 8,500 new, high-paying jobs, making it the biggest job infusion in state history. But more jobs means more people looking for housing – something experts say is already scarce in Nashville.
For many developers, this comes as great news. More jobs leads to more people, and more people means more housing. It is an obvious advantage for developers to create more housing in anticipation of Oracle’s move to Nashville.
So, what’s the problem?
Because Nashville is already experiencing an affordable housing shortage and because most developers are building only above market-rate and luxury style homes and apartments, we can safely assume that most of what will be built in preparation for Oracle’s arrival will be priced above what the working class can afford.
About 2,500 jobs are expected by the end of 2027, growing to 8,500 jobs by 2031. Those jobs would have an average annual salary of $110,000, according to Oracle’s proposal, though it’s not clear if that average includes higher executive salaries or how many employees will take home six figures.
With thousands of white-collar workers flooding Nashville’s housing market, we can predict a rise in rent and a push on those living paycheck to paycheck to relocate.
Nashville is already experiencing a shortage of affordable housing options, meaning we are potentially pushing families and essential workers out of their communities and further from the city. For many people, this is not an option.
The cost of housing should be 30% or less of a person’s income to be considered affordable. For an individual or family who pays over 30% of their monthly income toward housing, there is little left over for necessities such as food, healthcare, transportation, and leisure.
The potential rise in rent is enough to burden a working-class individual or family. Even the costs associated with relocating could greatly affect the well-being of those in our community.
While this issue is not unique to Nashville, we find it extremely important to recognize the effect this can have on our community and do whatever we can to prepare for this influx.
We find it extremely important that Nashville prepare by not only building luxury-style homes and apartments but by making a concerted effort to create affordable and attainable housing in the mix.
Our “Big Hairy Audacious Goal” here at Holladay Ventures is to provide attainable homes for 100,000 families. So, why not start now? Why not proactively start investing in attainable options for current and future residents of Nashville?
We always seek to partner with impact-driven investors, or as we like to call them, IMPACT INVESTORS. Together, Holladay Ventures and our impact investors have the power to create options for the working-class residents in our community. This is a call for massive change, and as an investor, a call for major return on investment.
Interested in Impact Investing with Evan and Holladay Ventures for recession-resistant returns and having a positive impact with your capital? Set up a call with our investor relations team to see if it’s a good fit: https://holladayventures.com/investors/
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