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...or sell it? Today if I bought those houses at fair market value, it would still be illegal for me to build a 6-7 story apartment in their place.
by bhupy 7y ago
...or sell it? Today if I bought those houses at fair market value, it would still be illegal for me to build a 6-7 story apartment in their place.
- dmitrygr 7y agoWhy would they sell a house they enjoy living in, near the school their kids attend, near the jobs they work at, in the city where their friend are? Or do you propose to force them out?
- bhupy 7y agoI think you misunderstand my position. Nobody is proposing proscribing single family homes, or forcing people out of their homes. People will sell their homes in the market, as they do today. Today it is illegal for a buyer of such homes to build multi-story apartment buildings in their place. The argument is to simply allow such construction to happen.
- dmitrygr 7y agoAnd I am explaining to you why those 10 families will vote against any of your proposals. Because once you allow more building the next logical step is to force them out to make some money for developers who'll wreck their houses and build those condos.
- dimva 7y agoForce them out... by giving them really good offers for their homes that they willingly accept? You have a strange definition of "force".
- selectodude 7y agoBecause if that land was able to be developed into MDUs, the value of the land would be so high that you'd be a fool to not take it. For example, here in Chicago the value of land downtown is upwards of $40 million per acre. It has nothing to do with the location of the land or that we're completely maxed out for development. It has everything to do with the fact that you can build 250+ units on that plot of land.
- lotsofpulp 7y agoWhy would you build 250+ units on a plot of land? Because people would want to buy or rent it. Why would people want to buy or rent it? Because the location is good. Real estate always has to do with the location.
- selectodude 7y agoIf you were only able to build SFH on that land it would be worth a small fraction of what it would be otherwise worth when you can develop it.
- stjohnswarts 7y agoMoney convinces a lot of people, especially if the land goes from being only to support 1 family to 40+ because of vertical advantage.