Safety, potential for excess supply warrant caution
With the national economy in its usual gloomy state, few things could fare Columbia better than a $100 million influx into its economy; USC, facing a staggering growth in its undergraduate population, could use a few more beds; Pulaski Street and its surrounding areas, mainly warehouses and neglected parking lots, might be put to better use.
So when a pair of private construction companies petitioned to build student housing projects on Pulaski Street, thereby injecting millions of dollars into the local economy, the city was ready to listen.
Last week, a city commission approved the construction of two new student housing projects, which will add 700 beds for students. This comes as welcome news to the university, where guaranteed freshman housing continues to be a problem. This new development also marks another episode in Columbia’s housing boom, central to which is an expected tripling of Columbia’s population in the next three years.
At first glance, this seems like nothing but good news. And, for the most part, it is. More upperclassmen will be able to find convenient housing off-campus, leaving more room for freshmen on university grounds. The estimated $100 million in investment that the projects will bring to a local underdeveloped area is an undeniable benefit.
Nevertheless, the new developments raise a few concerns that must be addressed.
Students living there will need a safe, consistent method to cross the railroad tracks on the way to campus. As of now, options are limited.
Also, the problem of a possible excess in supply remains. In booming housing markets, there’s always a risk of overestimating demand, sparking a price war between developers. In this situation, USC’s pending proposal for a private dorm on campus remains the new development’s primary competition. While Edwards Communities, one of the developers, has played down the possibility of that happening, if it did, it would hurt USC, the city and the area, and city and university officials and developers should be careful to avoid it.
It’s no secret: USC needs more beds. And while some issues haven’t been completely covered, the new developments are still a very welcome sign.