Reply to MoCo “Attainable Housing” plan and property values

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]PP again. For instance, in Bethesda and Chevy Chase, old houses get sold as tear downs. New, bigger houses go up in their place. Affordability declines but the neighborhood, by some measures, gets "nicer".

Do the changes discussed in the report mean that more of these tear downs are going to be rebuilt as duplexes, triplexes and small apartment buildings? In the middle of what otherwise are suburban single family neighborhoods? If so, how can we tell if our house, street falls into such a (re) zone?[/quote]

Yes, so the developer who buys the older house will either build a giant one that he can sell for $3M+ in these nicer neighborhoods or a fourplex he can sell for $1M+ per unit, making the neighborhood now more “attainable” because a family can buy in at $1M vs $3M. But none of it is affordable. [/quote]

Actually, those new developments will include MPDUs, Section 8 or “workforce” housing. They are wiping out “Naturally Occurring Affordable Housing.” [/quote]

There would be no requirement for MPDUs, much less Section 8, for the multiplexes.  For the 19-unit stacked flat apartments, they would merely need to build at an max average of 1500 square feet per unit.  For those not following closely, that's a [i]rather large[/i] apartment size, especially considering devlopers could build something like 7 1100 sf one bedrooms, 8 1500 sf two bedrooms and 4 2200 sf three bedrooms to achieve the 1500 sf average.  These wouldn't represent anything of lower cost versus existing apartment structures, and the larger units might go for more than similarly sized existing sfhs they replace that had been at least moderately "attainable."

With the way things are going nationally, these almost certainly would simply be built as high-priced rentals, especially given the tax advantages to the typical conglomerate owners of rental vs. sale that have, in part, driven that shift towards more rental housing stock.[/quote]

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