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NASHVILLE, Tenn. (WTVF) – They are some of the fastest growing cities in the country and now share one of the world’s leading technology companies. Austin and Nashville will each get a new Oracle Tech Center, but it is Austin who has years of experience with Oracle facilities already built.
We’re not saying it’s like looking in the mirror for these two cities. However, the similarities are hard to ignore. Both metros were the center of the tech news, with Oracle announcements four months apart. Then there was Tesla and Apple who pledged to build in Austin.
Joah Spearman is a local Austin entrepreneur and owns the Localeur. The company is a collective of local creatives who travel and recommend various attractions that emphasize local buying. Spearman is also committed to affordable housing and has watched Oracle build more facilities over the past few years.
“The upside is that they obviously create jobs, which is good because when people move here, we need them to be employed,” Spearman said.
One concern in Nashville was whether the 8,500 new jobs we were promised will be filled from Davidson County. There has been nothing specific about what the hiring will be, but Mayor John Cooper has said Oracle plans to do a significant number of local hiring.
Spearman says the company continues to be one of the top recruiters at its local colleges, but hopes they’ll put more emphasis on inclusion.
“Overall, I like the idea that they are bringing in young professionals who can live and work nearby,” said Spearman.
The biggest problem was housing, which shouldn’t come as a surprise to anyone living in a sprawling subway. House prices continue to rise, with people from across the country saying they are willing to pay $ 50,000 to $ 100,000 in cash over the price. Nashville is no different, as investors see dollar signs for an area full of potential.
In Austin at least, Oracle managed to buy a $ 75 million apartment complex that could house more than 3,000 workers in 295 units. It’s the first time Oracle has bought a property for this purpose, but Spearman says it’s a problem the tech company can’t solve on its own.
Spearman says what is often lost in the narrative is that this growth is inevitable. It’s not Oracle’s fault that Austin is having to adapt to create more affordable housing. This would always be a problem in the growing city. The question is, what are they going to do about it?
A solution came in March from the Austin Transit Partnership, where they approved a grant for an anti-displacement fund of $ 300 million over 13 years. The fund would help the neighbors in the transit corridor stay in their homes.
“Even if you remove Oracle, it doesn’t mean that growth isn’t happening. So if you allow Oracle to come into town, they have to be a smart growth catalyst so that you don’t just react, ”Spearman said.
Nashville City Councilor Zulfat Suara looked at what Oracle has elsewhere and came up with an idea of his own. Nashville would take half of the property tax Oracle pays each year and invest in affordable housing.
“We reckon with around $ 9 million going into residential construction. Is that enough? No, but it’s a good start, ”said Suara.
Suara says the agreement for Music City is an initial direct liaison with a company to address a pre-existing problem. Ideally, she wants the city to have more flexibility in charging impact fees for new developments. She says the state has given other counties the freedom to generate that revenue, but not in Metro Nashville.
“We’re seeing the greatest development, but we can’t because the state says Metro County can’t. We have to make sure that the state allows us to use all available instruments to solve the problem of affordable housing. We need politics, ”said Suara.
The Metro Council Agreement to Use Oracle’s Tax Revenue for Affordable Housing is non-binding, which means it must be approved by the council every year. Oracle will also not begin paying property taxes until the land is developed.
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