A New Seasons-style grocery raises nearby property values about 20%, forcing affordable housing out of the neighborhood.
A New Seasons-style grocery raises nearby property values about 20%, forcing affordable housing out of the neighborhood.
Economist Jerry Johnson says that based on his study he expects housing prices around the North Williams New Seasons to bump up within the next year or two. And the study he co-authored measured that rise independent of how overall housing values were rising and falling. A specialty grocery store in the neighborhood simply adds value, according to the study. The only other type of establishment that contributes to rising property values to that extent, according to the study, is a neighborhood movie theater.
New Seasons didn’t start the gentrification of the North Williams area, according to Johnson, but it will permanently secure it.
Read more at The Portland Tribune.
