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Our friends over at The Lens published an article that examines the trend in New Orleans (and other cities like New York), where condos are owned by out-of-towners that do not reside in the city permanently.
The one development The Lens points out is Jax Brewery, where apparently only 3 out of 25 units have full time residents!
Among other things, the article points out that the city needs to examine this trend and evaluate the long term economic benefits, sufficiency of property taxes, and the extent to which permanent residents contribute more to the local economy and culture than absentee owners.
You can check out the entire Lens article here.
What do you think, is this a good trend? What, if anything, should the city do about it?
about the author: CSB Staff
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IMO, Jax Brewery location is a less than ideal condo location for a local to reside full-time unless the vast majority of your daily activities are located in/around the Quarter. So the trend doesn’t bother me with regards to Jax specifically. At least it contributes to real estate market with jobs, taxes, etc. I read the NYTimes article referenced and I think it would be problematic trend if the trend were more widespread into areas that are more the fabric of New Orleans – Uptown, Warehouse District. But I just don’t see that happening. A few super wealthy will keep vacation condos/homes here (N.O). But not nearly to the extent that New York city attracts these wealthy/super-wealthy individuals.
The problem with Jax Brewery is that the part time residents think they should be able to close down the club downstairs because it makes too much noise even though it was there before they were. Fuck them.
Ghost condos are bad, but there is no real way to enforce when people stay at there own property. This is a lot like the airbnb debate. I am all for people who live in there house being able to bnb a extra room, or whatnot, but people who own property don’t live there, and only use it to bnb are the reason there even is a debate.
The author is wrong at the units are owned by “out of state” jet-setters. I know several are owned by people in Hammond, BR, and Lafayette who like to visit on the weekends but business interests keep them from moving to NOLA full time. The article seems more like scare tactics.