A House in NOLA is Worth What?

Editor’s Note: Though it’s not clear from the existing listing, Big Easy Magazine has learned the $3 million price includes a neighboring property that is six units.

Talk about a hard shot to one’s wallet…

This week, a real estate listing on Redfin.com caused a bit of a stir. Available for sale is a multi-unit, multi-bathroom home in the Marigny neighborhood, that can be separated into a couple of rentals if need be. All yours… for $3 Million. 

Set at a ridiculously high and heavy price tag, this Kerlerec St. listing represents the total unaffordability our communities have become, gouging people out of their homes in favor of tourist “short-term” rentals and the like. It has been called an “existential crisis”, one felt most literally and painfully. 

It was also announced this week that New Orleans will be getting $28 Million to build new affordable homes to help combat this problem. The plan calls for 642 units in a block grant and tax credit package, and for 7,500 units to be built in five years. So far, only 2,212 have been made since 2016. And, making things more ominous, the Sewerage & Water Board and Tourism Commission will likely see these funds first, siphoned from Housing and other projects.

Mayor Cantrell said in a statement: 

“We are committed to leveraging the resources of all available partners to address our city’s affordable housing crisis by giving both our developers and residents the opportunities they need to build and find a home.”

While these initiatives are being worked out, wages are not meeting the rising costs of rent and home sales. For a two-bedroom apartment, on average, you’d have to earn almost $20 per hour, according to a report highlighted by Nola.com. In another, it was stated that residents are being pushed out at a rate similar to that of a “second Katrina.” New homes are needed, yes, but so are assessments and rates that meet our economic resources. 

After all, $3 Million for a home in the Marigny is a parody, right? Right?

Bill Arceneaux has been an independent writer and film critic in the New Orleans area since 2011, working with outlets like Film Threat, DIG Baton Rouge, Crosstown Conversations, and Occupy. He is a member of the Southeastern Film Critics Association and is Rotten Tomatoes approved. Follow him on Twitter: @billreviews

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