Quote:
Originally Posted by D as in David
The city's population is growing around ~2% per year - do you think not building additional homes will bring prices down?
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I guess depends on what ‘building additional homes’ means.
I just can’t square this:
“Rezoning increases property values” + ‘approx value of land = 1 unit of redevelopment’ means affordability
improves?
Property worth $500k today. Zoning change increases this to 600k, with the city’s estimate being 600k/unit was redeveloped. So, the price to enter the game increases, to whatever the ones with the capital to play with determine economically viable. So now, the option to entry is higher than it would have been pre-zoning change, and the future potential is already gone. So someone has to have paid more for less, by the proponents own justifications.
My home is suddenly worth more because someone can build 12 rental units on it? And that’s a good thing? In the meantime where someone once lived is boarded up or torn down. And then the family who could have had a life in the house now gets a place to watch TV hopes the druggies in the neighbourhood park have cleaned up after themselves and that the bus is on time while they pay more to share their basement and walls. And hopes the fly by night crews who the developer underpaid didn’t cut too many corners.