3 ms·
> entirely intangible such as "the character of the neighborhood" or "the environment" There is nothing intangible about the character of the neighborhood (or
by jjav 3y ago
> entirely intangible such as "the character of the neighborhood" or "the environment"
There is nothing intangible about the character of the neighborhood (or the environment).
Have you ever chosen a place to live? Nearly all the research effort in that decision is about the character of the neighborhood, not the house itself.
The house structure in isolation has very little value. That's why you can buy a perfectly functional house for like $10K, when it is located in a place that nobody wants to live in. Nearly all the value comes from the neighborhood it's in and its character. That's what people buy into, much more than the drywalls and roof.
- bugglebeetle 3y ago…which is why none of that value should really accrue to the homeowner. It’s a collective product, not their own.
- jjav 3y agoI'm trying to interpret how this comment relates to the thread above but not clear to me. I was stating that the "character of a neighborhood" is a very tangible thing that has value to people (I don't mean value in dollars, but value in that they enjoy it and want to live there). That character attracted them to move there. So it is value that can be destroyed by greatly changing the character. There's no value accruing here, it's value being destroyed. For example I know of a few people who moved to a quiet street, very walkable and had nearly zero traffic so it was great for kids & pets and strolling around. A couple decades later that quiet no-traffic street had turned into a six lane avenue, with their front lawns right on the edge of that. The character of the neighborhood sure was changed and its value was destroyed to everyone who had chosen to live there precisely because it was quiet and had no traffic.