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Is it even primarily an economic self interest thing? If they intend to continue living in their current neighborhood it would be hard to realize that home val
by throwaway34241 7y ago
Is it even primarily an economic self interest thing? If they intend to continue living in their current neighborhood it would be hard to realize that home value, although I'm sure there's some people that plan to sell the house and retire out of state.
Increasing density might not even necessarily be bad for property prices (for people who want to sell) since the land might be redeveloped into more than one unit.
I'm sure the economic angle is part of it, but I don't have a good feel for how big a factor it is compared to disliking traffic / change in "neighborhood character" etc.
- Baeocystin 7y agoI'm sure you're right, in that there are multiple reasons all mashed together. A family that buys in Neighborhood X likely selected that neighborhood because they liked it as it is, so I think it's easy to see why homeowners would be resistant to change, economic or not. My gut tells me a lot of it is genuinely about the money, though. Of the people I know, most have to spend >50% of their income per month just to maintain a roof over my head. And these are working-professional families, well above median state incomes. That kind of pressure, even under the guise of paying a mortgage instead of renting, is a real stressor.