Walt Disney World is setting aside roughly 80 acres on its property for a new affordable-housing development. The resort expects that the development will include more than 1,300 housing units, and it will be constructed by a third-party developer.
Living near the House of Mouse can cost you an arm and a leg. And now Disney DIS, -2.25% is taking a page out of Silicon Valley’s book to address the problem.
Disney’s affordable-housing plans follow similar efforts made by its primary rival, Universal Parks & Resorts. Comcast-owned CMCSA, -0.29% Universal has teamed up with a local developer to build 1,000 rent-controlled apartments in Orlando, and released details of the plan at the end of March. Over the past six months alone, rents have increased 6% in Orlando — the third-fastest rate of growth in the country over that time span.
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