Reply to Alexandria on the Cusp of Eliminating All SFH Zoning

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I don't know...sounds like eliminating SFH zoning is a boon for existing SFH owners.  Won't a developer that intends to replace your SFH with a 4-plex or 6-plex be willing to offer a major premium over someone who simply will use it as a SFH?

Am I missing something?[/quote]

PP here. Sure, the money's nice, but it's a one-off. We're all screwed when we go to buy a home that's the next level up. Many homeowners are already stuck in place because of interest rates and increased home values over the last few years. The issue is ill-timed and will only add to the inventory problem. And no, four townhomes here and there won't help.

Housing aside, my real issue has more to do with Council's arrogance and dismissive behavior, paired with how they talk out of both sides of their mouth. It's affordable housing all the live long day and then they pull this. It's a betrayal of trust. I'm actually not sure they even know what they're advocating for. It's like they're easily distracted by shiny buzzwords.

[/quote]

It seems that the existing SFH benefits through the entire homebuying process.  If the current SFH will only sell for $1MM because it is zoned as SFH, but literally is worth $1.5MM overnight because a developer can now build a 4-plex...well, now you can buy that $1.25MM home for cash/minimal mortgage.

Again, am I missing something?  Once the zoning changes, existing SFH owners' values will be "artificially" inflated assuming their property is actually developable into a 4-plex.[/quote]

You are missing that people think of more that money when they think of their home and neighborhood. People plan to actually live in the houses for a really long time and do not want a 6-plex going up on either side and across the street from them. And believe it or not, they love their neighborhoods and want to sell the house to the next family who will love it the same way, not to a developer who will ruin the neighborhood no matter how much the developer offers, which is why unscrupulous developers often hide behind seemingly standard buyers.

I can only think that you must be young and single and grew up in an apartment in NYC or something, if you honestly, honestly, can't understand this.[/quote]

Uh...well I wish I was young and single...but I am older and own a SFH.  Sentimentality only goes so far and I will sell it to the next family that loves it...if they offer the highest price.  I think you are the one that has pollyanish thinking that there are more sellers like you vs. me.

BTW, a developer offering a fair price that builds complexes according to local zoning and housing codes and delivers a quality product is not "unscrupulous".[/quote]

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