Ali Ata Looks at How Real Estate Helps Communities

 

Ali Ata: The Impact of Development on a Community

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As you may know, real estate projects can complicate the development of a neighborhood. However, it depends on the nature of the development.

Ali Ata mentions that some projects can detract from the character and the quality of living of the people there since they can raise the housing prices and cost of living in the area. That is why real estate firms need to pay attention to the needs of the communities before they even break ground, similar to what many developers have done for neighborhoods throughout the United States. They do this to ensure they contribute to urban revitalization and not drive people out.

Real estate can help develop areas responsibly. Just look at what Yale is doing, for example. The university owns many properties in the neighboring areas. It includes homes and commercial spaces. The institution can make sure that it can offer small businesses a reasonable amount of rent, and it can also intervene on behalf of its tenants.

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According to Ali Ata, this is a good example of how real estate management by an anchor institution like Yale University can preserve the character and culture of their places.

Another way real estate can aid in urban revitalization is by preserving important buildings and using them for another purpose.

Take the case of Sinai Health Systems. The medical institution and university took a piece of commercial land – in this instance, the abandoned Hollenback Sausage Factory and turned the 12,000-square-foot building into a family center, a human services center, and a childcare center, with some space left for low-income housing.

These projects show how the real estate industry can work for the people already living in the area they're working on instead of unleashing an unintended domino effect that impoverishes others by making rent higher, adds Ali Ata.

Read more news, updates, tips, and information on the real estate industry by visiting this Ali Ata page.

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