There is No “I” in Real Estate

If we want New Orleans’s market to have a strong path forward, this is what we’ve got to do

December 31, 2025  

Read the full article at Biz New Orleans

New Orleans is entering a defining period for its real estate landscape — one marked by uncertainty, opportunity, and the undeniable need for collective action.

The forces shaping our neighborhoods today are not isolated; they intersect with our economy, our city budget, our infrastructure, and our shared hopes for a stronger, more resilient New Orleans. At this moment, we cannot approach real estate — whether residential or commercial — with an individual mindset. It can no longer be about “I.” The challenges and opportunities before us require a “We.”

Market conditions highlight why strategic coordination matters now more than ever. We’re in a true seesaw market — highly inconsistent, with demand, pricing, and time-on-market swinging in different directions depending on the neighborhood. Some areas are seeing longer listing times and sporadic price reductions, while others are holding steady or even strengthening. Home values are shifting unevenly, signaling not a downturn but instability. This environment creates both risk and opportunity, particularly with recent interest rate cuts that may re-energize buyers who have been watching the market from the sidelines.

The rental market, however, is more complex. The average rent in New Orleans sits at approximately $1,383, with studios averaging $1,277 and three-bedroom units around $1,693. Projections suggest modest increases by early 2026, with an estimated citywide average of $1,320.

But averages tell only part of the story. Some neighborhoods are seeing sharp rent increases driven by demand, while others — often those long affected by disinvestment — are experiencing declines. These patterns highlight a truth we must confront — as goes the worst of us, so goes all of us. A healthy real estate market cannot thrive if entire neighborhoods remain left behind.

The city budget will also exert significant influence on the housing and real estate environment over the next several years. As municipal service costs rise, those costs are ultimately shifted to businesses, property owners and residents. This has downstream effects on affordability, development feasibility and investment confidence. Our response, therefore, cannot be reactive. It must be strategic.\

At the New Orleans Redevelopment Authority (NORA), our focus is on long-term, intentional impact. This means directing resources where they matter most, not scattering them broadly across the map, but concentrating them in areas where intervention can stabilize neighborhoods, spark new investment and create equitable opportunity. Strategic thinking requires collaboration, which means creating partnerships with developers, financial institutions, community organizations, residents and policymakers. We must be aligned in both purpose and practice.

And partnership means recognizing that no single entity —not NORA, not private developers, not neighborhood groups — can solve our real estate challenges alone. We must bring our collective expertise, our collective resources and our collective vision to the table. When we coordinate efforts, we can address disinvestment, accelerate redevelopment and strengthen the overall housing ecosystem.

Of course, none of this is easy as the property insurance issue remains unresolved. Nonetheless, the path ahead involves tough decisions, disciplined prioritization and honest acknowledgement of the disparities that persist in our city.

Yet, within this moment lies tremendous opportunity. The market is shifting in a way that may open doors for first-time buyers. Targeted rental support and new development models can stabilize vulnerable neighborhoods. Strategic public investment can unlock growth in areas that have waited too long for renewed attention.

New Orleans has navigated difficult terrain before, and we have emerged stronger every time. If we embrace a “we” mindset rooted in shared responsibility and shared impact, we can guide this market into a future that benefits all of us. The opportunity is ahead. Together, we can seize it.

How will New Orleans spend $14M on affordable housing? Here's the plan so far.


Read the full article at nola.com.

An advisory committee charged with overseeing New Orleans’ first dedicated funding stream for affordable housing has laid out plans to divvy up the first pot of money from the city's budget, expected to be about $14 million.

Beginning next year, more than half of the city’s new Housing Trust Fund will be used to expand and preserve the city's rental housing stock, under a proposed spending plan the committee released last month.

Voters overwhelmingly approved the fund last year, after it received widespread support from housing advocates, property developers and other stakeholders. Enshrined in the city’s charter, it can only be amended with unanimous council approval in emergency circumstances.

The ordinance sets aside 2% of the city’s annual budget for affordable housing initiatives each year, which will be administered by the city, the New Orleans Redevelopment Authority and Finance New Orleans. 

However, the plan's $14.6 million budget is based on the city's projected 2026 operational budget of $732 million, which could change as the city contends with a $100 million deficit, and Mayor LaToya Cantrell proposes an 11% budget cut.

The plan, proposed by the committee of housing advocates and city officials,  focuses mostly on creating and rehabbing affordable rental units. A third of the money would be set aside for affordable home ownership programs for low-income residents. To be considered affordable, housing costs are capped at 30% of a resident's income. 

More rental housing, homes

As part of the plan, $7 million will go toward subsidies for developers and property owners to build new units and rehabilitate existing ones.

About $4 million would go toward expanding home ownership, split between subsidizing new, for-sale affordable homes and an owner-occupied fortified roof program for low-income homeowners, according to the proposal. 

The committee proposed dedicating $1.8 million to subsidize property repairs in exchange for small landlords making their units affordable for a specified period of time.

NORA would offer landlords subsidies up to $50,000 for each unit to cover fortified roofs, HVAC repairs, weatherization, windows and other issues aligned with the city’s Healthy Homes program, established in 2023 to hold landowners accountable for property upkeep.

The committee also proposed that 5% be reserved for a rainy day fund and up to 10%, or $1.4 million for administrative costs.

Small focus

The bulk of the money for increasing the number of rentals, about $6.3 million, would be exclusively for small multifamily developments and not larger buildings and complexes. 

It could be used to build or substantially rehab buildings with up to four units in residential areas. The buildings also could be mixed-tenure, where a new homeowner can live in one unit and rent out the others, creating a “built-in income stream," according to the proposal.

“Not only are we investing in affordable housing, but we’re making it possible for low-income residents to have ownership through intergenerational wealth building,” committee member Asali Ecclesiastes said.

Larger developments that qualify for the federal Low Income Housing Tax Credit have more restrictions, the proposal says. They require more money, larger lots and have more zoning restrictions. The focus on smaller developments would allow more units to be available sooner, the committee argued during a meeting last month.

But while directing funds to single-family and small rental homes is “understandable” in year one, some funds should be reserved for larger multifamily properties, said Vanessa Levine, executive vice president of Volunteers of America of Southeast Louisiana, which operates more than 600 apartments across the city.

Levine said these projects often face financial shortfalls, such as scarcity of state and federal support and uncertainty with construction costs and interest rates. The average funding gap for larger properties is about $12 million, according to the proposal.

Lingering issue

The city needs 55,000 new affordable units to adequately house residents because of skyrocketing housing costs amid an insurance crisis and other factors, according to the annual report card by HousingNola, a collective of housing advocacy organizations and stakeholders. That's up from 47,000 last year. 

In reality, New Orleans only created 435 new housing opportunities from September 2024 to August 2025, according to the report.

Dedicated funding for affordable housing has shown to be successful in other cities, such as Washington, D.C. There, the program has produced over 9,000 new and rehabilitated units between its start in 2015 through 2022, according to the city's Housing and Community Development department.

The proposed spending plan will go before the City Council for full approval. 

 
An artist reclaimed her family's land 20 years after Katrina and turned it into a garden
WWNO - New Orleans Public Radio | By Eva Tesfaye
Published August 27, 2025 at 4:10 PM CDT

Read the full article at WWNO

If you go to the northwest corner of the Lower Ninth Ward, you might wonder what those giant pyramid-like structures are. They’re 9 feet tall, made out of wood and burlap.

“As we fill them in with soil, we will plant on them,” said Utē Petit, a 29-year-old Black woman with long braids and big plans. She’s a ceramic artist and this is her garden.

“My intention is to plant a lot of fruit trees on them, fruit and nut trees, flowers and herbs, all perennial things that will kind of hopefully live long after I'm here,” she said.

Petit said the garden’s structures will honor one of her great-grandmothers who had Indigenous Houma ancestry. They’re called mounds, and Native Americans up and down the Mississippi River built similar ones for all kinds of purposes including gatherings, ceremonies and burials.

At the same time, the garden will honor her other great-grandmother's Black New Orleanian ancestry too because she used to this own land. Petit's story is a rare example of how a family, decades after Katrina, got their land back.

Twenty years after Hurricane Katrina, New Orleans is still covered with vacant lots, especially in the Lower Ninth Ward. After the storm, Black New Orleanians, including Petit’s great-grandmother, struggled to return to their land and rebuild their homes because of the way the city and the state handled recovery. Now Petit has reclaimed her family’s land by navigating a bureaucratic city program with the help of her community.

Petit grew up in Detroit, but would visit her great-grandmother's house in New Orleans.

The last time Petit remembers being there, she was 10 years old, just a couple weeks before Hurricane Katrina. As the storm approached, her great-grandmother evacuated to Tennessee. Petit said afterwards the house was completely gone.

“Her house floated like two blocks down, when the levees broke,” said Petit, pointing towards the levees just a few blocks away.

Getting the land back 

Like so many Black New Orleanians, Petit's great-grandmother could not return and rebuild after Katrina. According to the Southern Poverty Law Center, out of the 175,000 Black residents who left the city, only 100,000 came back.

The state’s program to help people rebuild didn’t function as well for lower income Black New Orleanians as it did for whiter wealthier ones. The Road Home Program provided money for poorer residents based on the value of their homes, which was often less than the cost of rebuilding. Many chose to sell their homes to the state instead. If they left Louisiana, the buyout was only 40% of their home’s value.

Petit's great-grandmother's home was valued as less than the cost of rebuilding, so she took the buy-out. She later passed away in 2011 of natural causes at 96 years old. The land became one of those vacant lots that still cover the city, perhaps nowhere more so than in the Lower Ninth Ward. According to a new report from the Data Center, the Lower Ninth Ward had more than 2,400 vacant residential lots in 2023, which is 70% of all the residential land in the neighborhood.

Petit has done something that many others couldn’t. She got that land back, and it wasn’t easy. She said she got the idea a few years ago from her mother.

“I was like, ‘Well, this is crazy because the whole block is empty and it would be really cool to start a farm. And she was like, ‘Well, you should try and see who owns it,’” she said.

The answer was the New Orleans Redevelopment Authority, created by the state after Katrina. One of its roles is to manage the city’s vacant lots and to put them back into use.

Petit got a little lucky. It turned out that the land was part of the Growing Green program, which gives people a chance to lease land cheaply for three years for community gardens, urban farms, or parks. After that, they have a chance to purchase it.

Still, Petit said it wasn’t easy. The paperwork was confusing. When she got the lease for her great-grandmother’s old land and planted a few trees, the city accidentally cut them down. She eventually managed to lease three other lots too.

And then, when she wanted to buy that land, the price shocked her: $70,000.

“If I was gonna build a house on it, that's pretty good,” she said. “But for farming, that's like robbery.”

Urban agriculture in a post-Katrina New Orleans

Before the hurricane, Pam Broom remembers there used to be more Black residents who had urban farms and gardens.

“ I was born in 1956, so I'm from a generation that I believe sort of saw the close out of Black folks throughout the area growing in their yard,” said Broom, the innovation and entrepreneurship director at NewCorp, a community development organization revitalizing New Orleans’ Seventh Ward, including by using urban agriculture.

She said the practice of Black residents growing food in their yards was already waning, but Katrina accelerated it. Then after the storm, New Orleans seemed like a prime place to do urban agriculture, because of all the vacant land as well as the lack of access to grocery stores, so new people came in.

“People were moving into the city who were coming as a result of the devastation of Katrina as volunteers,” said Broom. “Those that were coming to lend a hand, there was sort of a resurgence of gardening, transitioning into urban farming to take advantage of the increased volume of vacant properties.”

Yuki Kato, an urban sociologist and author of the book Gardens of Hope: Cultivating Food and the Future in a Post-Disaster City, said land access was still a major barrier to building out urban agriculture in the city.

“A lot of the growers that I studied had a very difficult time finding and accessing the space,” she said.

Kato said there was an emphasis on market solutions as a way to solve problems left behind by the storm, including the vacant land problem.

“How do we actually sort of increase the property value instead of thinking about what is the best use for maximizing public benefit?” she said.

Based on the negative experiences she’s heard from growers in the program, Kato said Growing Green seems to be more of a way to get residents to help the city maintain its lots, until the authority could take them back and use them for something else.

“ I think it also really underscored that the interest was not to support urban ag, but was really essentially using urban ag as a way to temporarily manage until the property value increased,” said Kato.

Brenda Breaux, executive director of the New Orleans Redevelopment Authority said the authority has a different goal to help people in mind.

“To be quite frank with you, based on the current housing crisis, our primary focus with turning lots back into commerce has been focused on housing,” she said.

New Orleans does have an affordable housing crisis. Breaux said the authority is also trying to improve Growing Green. She said it now tells growers upfront how much they’ll have to eventually pay to buy the lots, and it's trying to increase the number of lots in the program. The authority has sold 36 lots through the program so far and there are 27 lessees currently participating.

“Our goal is to put properties back into commerce, and we recognize that housing isn't the only alternative that can be used for these vacant lots," she said.

The City of New Orleans also recently created a new position to help urban farmers navigate city programs, which was advocated for by A Greener New Orleans campaign. Grace Treffinger was hired into the role in the Office of Resilience & Sustainability last year.

“ Most growers that I've spoken with are really leasing from private landowners because at this moment, there's not really robust options within public pathways for leasing from the city,” said Treffinger.

She said the biggest barrier she’s hearing from growers is the price of the land.

“The  cost is often prohibitive,” she said. “The few folks who've been able to successfully navigate that are mostly nonprofits that have been able to fundraise.”

At the same time, one of Treffinger’s main challenges is balancing making it easier for growers to access land with making sure that land doesn’t get abandoned again.

“ Because often gardens and farms, they just require a lot of energy, labor, money and time and everything like that,” she said. “And so in programs in the past that have attempted efforts similar to this, a lot will often end up back in code enforcement.”

She said she’s looking to other cities, like Boston, for examples on how to better operate these kinds of programs. For example, Boston prevents housing and urban agriculture from competing with each other by having the Office of Urban Agriculture under the Mayor’s Office of Housing.

For Petit, there was no way she alone could afford to buy back her family’s land, so she leaned on other people and organizations such as the Greater New Orleans Growing Alliance and the National Black Food Justice Alliance who helped her raise the money.

“ They weren't really flexible at all,” she said. “I just bought it, thanks to a constellation of people and nonprofits and guardian angels and whatever else. Everybody helped me.”

She said finally owning the land now feels “surreal.” Eventually, she wants her garden to be a meeting place where locals can gather and make art. She also wants it to memorialize what happened during Hurricane Katrina to her family and so many others, but most of all she envisions it being a garden that feeds the neighborhood.

“There's gonna be fruit, trees and flowers blooming at all different times of year, and it's just gonna be a very abundant, nourishing place,” she said. “And it's going to feel like an ancient memory, like the earth remembered and brought something back.

Petit said she’s going to name the garden after her great-grandmother, Vivian.

 Photo Credit: Christiana Botic / Verite News and Catchlight Local/Report for America

School Board, NORA invite community feedback on future of Israel Augustine Middle School Building Read the full article at Verite News by Safura Syed September 24, 2025 The New Orleans Redevelopment Authority and the Orleans Parish School Board are seeking the public’s input on the proposed redevelopment of a long-vacant school, Israel Augustine Middle School, a century-old building once identified as one of the city’s most endangered architectural sites.  On Tuesday (Sept. 23), the school board and NORA, which have partnered to redevelop unused school properties, convened a public meeting to discuss plans for the former middle school.  The Augustine building, at 425 S. Broad Street, near Tulane Avenue, first opened in 1913 as Samuel J. Peters Junior High School. It was renamed in the 1990s in honor of Israel Meyers Augustine Jr., who in 1969 became Louisiana’s first Black criminal district judge since Reconstruction. It served as a school until Hurricane Katrina, when it was shuttered due to damage. The school, which is notable in part for the Works Progress Administration murals in its auditorium, has sat vacant for the past 20 years and has been allowed to deteriorate, prompting the Louisiana Landmarks Society in 2017 to place it on its annual “New Orleans 9” list of endangered properties.  The school board still owns the building, along with about a dozen other empty school buildings just like it. Don LeDuff, OPSB’s chief operations officer, said that maintaining those properties comes at a “significant cost” to the school district, which has to secure the property, install alarm systems and maintain its utilities.  “I have a responsibility to make sure that we’re using our funds to educate children, and maintaining vacant properties is not a good use of those funds,” LeDuff said. Proposals to revamp historic New Orleans school buildings have led to controversy in the recent past. In 2022, the NOLA Public School District’s move to shutter the former McDonogh 15 building — the last school operating in the French Quarter — led to public outcry from residents and former students, who were fearful that it would be sold to condo developers. The district rescinded the decision, allowing the building’s then-tenant — Homer Plessy Community Schools — to remain on the site. The building was recently taken over by the French immersion charter school Lycée Français de la Nouvelle-Orléans. In the case of the Augustine building, while OPSB plans to retain ownership of the property, there are no plans to reopen it as a school. Demolition, however, is not on the table, officials said at the meeting.  “The overall intent from the School Board is that the School Board would ultimately be a long-term landlord,” said NORA executive director Brenda Breaux. “[The site is] not going to be a school.” Savings on maintenance as well as potential rental revenue could benefit the school districts, which is facing financial difficulties amid decreasing enrollment. The Israel Augustine site is zoned as a mixed-use district, which means that the building could be converted into residential properties, art studios, early childcare centers, office space or grocery stores, among other things. Breaux said NORA hopes to open solicitation for developers in the fall, and for the official awarding of the property to happen at a school board meeting next February. According to the projected timeline, construction will begin next winter, and will wrap up in 2028. So far the district has only received 33 responses on how to redevelop the building, with conversion to affordable housing being one of the most popular responses.  Mark Clayton, who attended Tuesday’s meeting, said that he has been watching the property since he bought a house in the neighborhood eight years ago. He said he wasn’t sure what he’d like to see the property become, because all developments have their own pros and cons, but that ultimately, “it should be community focused and community-oriented.” NORA and OPSB are also working towards redeveloping Valena C. Jones Elementary School in the 7th Ward. Once selected, developers will pay for renovations, and revenue brought to OPSB as landlords of the properties would be reinvested into active school buildings, said board member Olin Parker, one of the two board members who attended Tuesday’s meeting. Parker said he hears about the two properties often from community members and hopes that the partnership with NORA can bring positive effects to the city.  “We have a lot of properties and we need to be good stewards of those properties, and one way to do that is to get them into commerce by selling them to developers,” Parker said. “Another way to do that, with properties like these, which are near and dear to the community, is to make sure that their reuse benefits everybody.” NORA officials said they will hold a virtual community meeting in October but haven’t yet announced an exact date for it. A planning meeting for Valena C. Jones is scheduled for Thursday (Sept. 25) at Mary McLeod Bethune Elementary. Officials also encouraged residents to provide their ideas for the reuse of both the Israel Augustine and Valena C. Jones site through an online survey by Nov. 9. 

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New Orleans council approves $5M to clear Six Flags site for development

Read full article at nola.com

New Orleans City Council members have agreed to spend $5 million on infrastructure work on the former Six Flags site in New Orleans East, as the Bayou Phoenix redevelopment team works to bring the site back into commerce.

Bayou Phoenix has already started demolition on the amusement rides and buildings at the former theme park site, abandoned since Hurricane Katrina. The site has faced many obstacles to redevelopment over the past two decades.

The deal, approved by the council in a unanimous vote on Thursday, is between the city and the New Orleans Redevelopment Authority, which owns the land. The city will issue $1 million to NORA this year and the remaining $4 million in 2026.

The money will be used to clear 20 years' worth of overgrown trees, weeds and grass on the site. NORA will reactivate storm water drainage, restore pumps, clear and restore catch basins and intake pump lines. It will also install solar lighting, repair and replace perimeter fencing and install subsurface drainage, District E Councilmember Oliver Thomas said at the meeting.

Thomas, who is running for mayor, said the approval marked progress in the city's long-overdue effort to mitigate blight on publicly owned land. The city’s efforts will make the site more desirable to investors, he said, as Bayou Phoenix aims to bring its vision of film studios, a youth athletic complex, two hotels and a water park to fruition.

"When you talk about the Six Flags site — a site that we control — even if you didn't have a developer, the city owns that property," Thomas said. "Why wasn't the city mitigating the blight there? Why weren't we investing in making sure the utilities were back intact, that you were clearing the site? ... The city needed to be more responsible about how it maintained property that it wanted developed."

The Bayou Phoenix team's plan for the 225-acre site could cost more than $500 million, and is still years away from completion.

"The role of this public-private partnership is for the city to assist with the stabilization of the property," said Troy Henry, the project's developer. "We're not asking them to be investors necessarily in a hotel or something like that, but assisting with the infrastructure necessary to get the site into a developable condition is really the primary role we envision for the city and NORA."

Henry said negotiations are underway with a possible partner to operate the site's youth athletic complex. He said he hopes to be able to announce the new partnership by the end of the year.

Brenda Breaux, executive director of NORA, said work still needs to be done at the site, but progress, which can be seen from Interstate 10 near the area, has been made in demolition.

"I know many of you all have driven the I-10 going east and you would see that some of the big pieces of equipment that were nuisances... are down," she said. "We just took a tour of the site... and the site has been clear, with the exception of a few buildings that will be retained on site."

The remaining buildings were saved at the request of composer Elvin Ross, the first tenant to sign a formal lease to build a film studio on the site, Breaux said. Ross' team plans to use the buildings as part of their plan to build out a studio, parking lot and event space, she added.

Jeff Schwartz, director of economic development for the city, said the approval will help bring about long-awaited development at the New Orleans East site.

"This lays the groundwork, hopefully, for the Bayou Phoenix team to continue to advance, but this is a worthy public investment in a publicly owned site," he said.