Reply to Do you have any advice re: fighting popups/popbacks, etc?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]MYOB. Other people deserve housing too. NIMBYs like you are why there is a housing shortage. [/quote]

Thanks, real estate developer. Please tell us all about how replacing homes for families with luxury condos costing nearly $1 million a pop is going to fix everything. [/quote]

The home that was worth 3 million to one family is now worth 10 million to 10 families at a average of 1 mill each which just allowed a family to get into a neighborhood at roughly 65% of the cost of a single family home in said neighborhood.[/quote]

This sounds like some magical math. I suspect the actual numbers will be more like:

1. Person selling the single-family home makes $500,000 minus whatever they initially paid & their property taxes
2. Developer makes $3 million replacing one home with six condos
3. People who bought the condos at $1 million each will not make a dime because, by the time they sell, interest rates will return to normal and the number of people who will (or can) pay $1 million for a condo in Petworth will crater. Remember: It's the Federal Reserve that's driving up prices and, one day, that will end.  [/quote]

Then the bank will repossess the condos and sell them to six new families, who will get condos for a reasonable amount of money.  Leave the single family house, and you still only have one very expensive house.  [/quote]

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