This is not true. Paris heavily restricts the ability to redevelop properties to increase density where market demand clearly exists. That is the problem. The reason why they do that is because they believe that is because they prioritize the non-economic community benefits derived from maintaining the aesthetic to the benefit of adding more dense housing. |
So how about we allow enough denser housing until we’re as built out as Paris? |
Is this a serious suggestion? Because it’s not legal. And developers aren’t altruistic, they are greedy. There is no incentive to lose money by building affordable housing. |
Filtering isn’t “trickle down economics.” Trickle down is the idea that giving rich people money will spur investment that (maybe eventually) create gains for everybody else. Adding housing means more supply for buyers to bid on and fewer competing bids that push up prices. |
Why are we still talking about whether missing middle is good or not? The county board is going to pass some version of it. |
I think the title is supposed to be "Boomers and Real Estate Developers plan to ruin Arlington"
Or "Missing Middle: in ARL you need 1.5 for an MM unit" |
It’s boomers who seem to be most against missing middle. What costs more: a $500,000 condo in a six plex, or a fancy new $2,000,000 Mcmansion? |
There’s no real shortage of 500k condos in Arlington, but I guess the idea is some people would prefer to live in a non walkable neighborhood? https://www.redfin.com/VA/Arlington/1021-N-Garfield-St-22201/unit-235/home/11281195 |
Or alternatively, stop using European cities as a model/ideal if you are promoting prioritization of private property rights. |
Not the boomers in WCWL |
Those are all walkable neighborhoods. The shortage is in housing less than $1.5m in unwalkable neighborhoods. That is what these people want. They want to live in N. Arlington in a SFH, not in a condo but cannot afford it. So they think this will help them get access to those nice and leafy rich neighborhoods. The problem is that it will just make those houses even more expensive. If I own a $2.1m SFH and my lot is up zoned to 6 units then the value of my lot has at least tripled and I probably wouldn’t sell my house for less than $4m. |
There’s a massive shortage of homes under $750k in residential neighborhoods. Or what you might call single-family neighborhoods. Big shortage of rentals too. The apartments and condos along the corridors aren’t meeting that demand. Hey, if I’m wrong, then those cheaper homes won’t get built. |
How on earth would your property be worth that much? It would make no sense for developers to start a bidding war for your property when there are so many across the county to develop. Countywide upzoning makes those sorts of bidding wars unlikely, which is why property values won’t increase by much, if at all. |
I am fascinated that you think this is how it’s going to play out. What do you think that $2m house is going to be worth once it is upzoned? You think current property owners are going to leave money on the table and hand it over to developers to profit? |
Somewhere between $2.05m to $2.1m. Because it makes no sense for developers to bid each other up when there are so many other lots they could buy instead. |