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It's happening in Menlo Park and Mountain View. BTW, I see mostly 6000-7000 sq ft lots, which is 1/6 or 1/7 of an acre. But how do you replace those with 3-8
by Tempest1981 10y ago
It's happening in Menlo Park and Mountain View.
BTW, I see mostly 6000-7000 sq ft lots, which is 1/6 or 1/7 of an acre. But how do you replace those with 3-8 story buildings? Those people have lived there for 20-30 years. Do you declare a housing crisis and evict them?
- sjg007 10y agoYou zone for multifamily which will raise the value even more. Then a developer will buy it and put up condos.
- Tempest1981 10y agoAre there examples of where this was done? I would love to know how fast it occurs, and see a graph of adoption/change over time. I would imagine 5-10% of people would sell (to the developer) immediately. But those lots probably wouldn't be adjacent. Maybe after 3-5 years, enough adjacent lots could be found to make it appealing to a developer. (The developer wants economy of scale, and economy of multiple units sharing common space.) Where is the tipping point? If the developer offered to buy homes at 20% over market rate, I wonder how the graph would change, vs. market rate. But the developer needs to start buying immediately, yet can't recoup their investment for several years. They may not like that.