Fast growth doesn't equal a rising COL unless basics like housing and food are constrained. Atlanta has had "fast growth" for decades but only saw the COL tick up recently. And it isn't even reliant on sprawl, Tokyo has had fast growth for decades but the COL has stayed basically flat because they continue to densify established areas. Etc etc.
If a metro has high housing costs, it is either a deliberate choice to privilege existing property owners (and their property values) over future growth, or it is the result of a serious resource shortage.
I dunno, maybe Atlanta is at a tipping point like California hit in the 80s where the government is ready to privilege existing owners and screw over new arrivals. I don't have a sense of the politics down there. Usually this kind of thing comes in the guise of environmentalism/conservation...
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la forme d'une ville change plus vite, hélas! que le coeur d'un mortel...
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