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I think the issue as it stands is that the current residents have only 2 options: A.) Approve high density housing and then see the value of their current hous
by jpao79 9y ago
I think the issue as it stands is that the current residents have only 2 options:
A.) Approve high density housing and then see the value of their current house drop (and rental income drop if they are landlords) and their schools, grocery stores, parks, open space, parking, favorite restaurants, fitness centers and traffic become all be super crowded
B.) Approve high density office and then see the value of their current house skyrocket, see additional community benefits from developer concessions and no impact to their current community amenities.
What happens if the developer proposed a third option of profit sharing so the current residents each benefit as individuals:
C.) Build high density housing and high density office and give a significant share of the profits to the existing residents. For 4400 units, the profits could easily be in the $500M to $1B range. With only ~2350 (4700/2) households, profit sharing of $50 to $100K per household would be $120M to $235M. That could be a nice down payment for a house in the Central Valley if they want to have that small town feel. Profit sharing on the annual office rent could also provide some UBI income for the residents and keep apartment rents stable.
- santaclaus 9y ago> B.) Approve high density office and then see the value of their current house skyrocket, see additional community benefits from developer concessions and no impact to their current community amenities. The state of California needs some sort of Beds for Butts in Office Chairs legislation. Want to build office space and expand your tax base? Pony up the space to house those employees.
- jpao79 9y agoAgreed! Even then though you still need to get it past the existing NIMBY population. I think buying them out via cash payments is really the only way to get existing NIMBYs on board with high density residential units which were not zoned when the bought into the community. Basically the issue is that the developers are changing the rules of the game AFTER the existing NIMBYs bought into the community.
- wbl 9y agoNope. Zoning codes that existed when NIMBYS bought are no protection against opposition to housing.