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This is by design. A lower cost house in the neighborhood will lower property values all around. Especially in the kind of neighborhood where a single propert
by matt3210 4y ago
This is by design. A lower cost house in the neighborhood will lower property values all around. Especially in the kind of neighborhood where a single property has room on the land for a 4-plex.
- carom 4y agoA 4 plex in the neighborhood will raise property values. If you can 5x the land's income earning potential it is more valuable. This is the whole idea behind a land value tax. Think of it this way - Single (wealthy) families are competing for the land because it is illegal for more than 1 family to live on the land. Multiple (not wealthy) families could be pooling their money and competing for the land. Which drives the property value up? I would love to have 10 median income families who pooled their money (500k/yr) bidding up my land value versus single (top 5%) households (250k/yr).