Reply to Arlington Missing Middle Housing Q&A

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Haven’t read all the pages on this, but just scanned a Boston fed report on increased density - even they say increased density makes neighborhoods less valuable/perceived quality declines for homeowners.

https://www.bostonfed.org/news-and-events/news/2022/10/boston-fed-research-relaxing-density-restrictions-best-way-to-increase-multifamily-housing.aspx

“House prices would likely fall with rents if greater housing density is allowed
The authors find that zoning reform that relaxes density restrictions doesn’t just reduce rents. It also causes house prices to fall—including single-family house prices. Their analysis shows that allowing one more housing unit per acre in a Greater Boston neighborhood increases the number of units in that neighborhood by an average of 0.4. This increase results in the neighborhood’s rents dropping more than 5% and house prices falling more than 7% on average (see graphic). [b]House prices drop because the housing supply increases. Or they fall because when a neighborhood becomes denser, its perceived quality declines[/b].“

Obviously, Boston is bigger than Arlington so our supply may not make a difference to prices but the perceived quality sure will decline!

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that's great news! that way more people of all backgrounds can afford to live in Arlington. what's the problem with that? 
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Because what you’re saying is that you wish financial ill on current homeowners. Home values tanking has a real and immediate impact on those homeowners.

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The poster sounds like a YIMBY because that is exactly what they are saying.  They make fun of people who bought in Arlington in the last few years because they will lose all the equity in their properties when Missing Middle "crashes" (their term, not mine) housing prices.   When I pointed out to one of them at a Community Conversation MMMH that the recent buyers probably have interest rates in the 3 to 4 percent range while new MMH buyers would have to pay in the 7 percent range.  He seemed puzzled.  Someone else jumped and explained to the difference between a mortgage at $600,000 at 4% and one at $600,000 at 7%.  She painted herself as a "housing expert" but did not understand how interest rates worked.   [/quote]

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