Quote:
Originally Posted by Slava
Well, look at this way. You buy a house for $1m, and it's lovely. It's in a neighbourhood that is all SFHs. A developer buys the place next door to you for that $1m, knocks it down and puts a 4-plex there. They sell those places for say $500k each (I'm obviously just making up numbers here). So, what happens to the value of your place? Does your place remain as saleable as a place around the corner that isn't next to a 4-plex?
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I suspect those new units will go for more like $800K-$1.2M.
But I don't think opponents of rezoning actually care about changes up or down in their property value; what they care about is change in possible neighbors. Not only do they want to live in a SFH, they want to live beside SFHs. Even if developers only cherry-pick a few units to build a new high-end development, nobody wants to be the unlucky one to be beside it.