Plano Tomorrow Plan Voided (Dallas, Richardson: homes, buy, median income)

[biafra4life]

Originally Posted by TheViking85

It's a shame that what I suspect is a vocal minority of NIMBY's were able to stop what was in my opinion a good roadmap to ensure those last 7% of undeveloped landmass was used in a way that would make Plano a feasible city to establish oneself in on a middle/upper middle class income.

That said, I'm sure our household is not the only early to mid 30's couple who'll get the hint and realize were not wanted in Plano, despite 8+ years of living there, so time to look elsewhere.

Why do you think this?

[TheViking85]

Originally Posted by biafra4life

Why do you think this?

Which part?

[biafra4life]

Originally Posted by TheViking85

Which part?

That said, I'm sure our household is not the only early to mid 30's couple who'll get the hint and realize were not wanted in Plano, despite 8+ years of living there, so time to look elsewhere.

This part.

[TheViking85]

Originally Posted by biafra4life

That said, I'm sure our household is not the only early to mid 30's couple who'll get the hint and realize were not wanted in Plano, despite 8+ years of living there, so time to look elsewhere.

This part.

Because resorting to building luxury housing that's well outside the price range of the middle class, which in turn continue to appreciate the current housing stock out of reach as well and working so tenaciously to ensure housing we could afford won't be built. It's obvious to me that we're not the residents that are desired in Plano, which I think it's a shame but it is what it is.

[tcualum]

If Plano can keep up the quality of their schools and the housing stock is well maintained, then I think there will always a population of middle class who view moving to Plano as a compromise between raising a family in Dallas and moving to the exurbs. Some people still want to live relatively close to the amenities of Dallas that you don't get in the burbs such as culture.

[NP78]

Originally Posted by TheViking85

Because resorting to building luxury housing that's well outside the price range of the middle class, which in turn continue to appreciate the current housing stock out of reach as well and working so tenaciously to ensure housing we could afford won't be built. It's obvious to me that we're not the residents that are desired in Plano, which I think it's a shame but it is what it is.

Plano is a long, long ways from that scenario though. Plano is very affordable overall and I don’t think that will change dramatically with this.

[dhakaia]

Originally Posted by tcualum

If Plano can keep up the quality of their schools and the housing stock is well maintained, then I think there will always a population of middle class who view moving to Plano as a compromise between raising a family in Dallas and moving to the exurbs. Some people still want to live relatively close to the amenities of Dallas that you don't get in the burbs such as culture.

Those were our exact thoughts when we moved to Plano in 2015, and I would presume a huge portion of it's residents think the same way.

The pseudo "urban development" efforts in the burbs make me laugh when 95% of the residents will keep using cars since the public transport system is still $%!tty as ever. And even more so on the complementary "artisan" shops that always open in and around them and charge $15 for a cup of coffee. It is far from organic growth and all about the quick buck.

[TheViking85]

Originally Posted by NP78

Plano is a long, long ways from that scenario though. Plano is very affordable overall and I don’t think that will change dramatically with this.

It may be for our parents generation, but we certainly can't afford it, and only a minority of my group of similarly aged friends can either.

Plano would have benefited from well built, but denser and smaller homes to serve as starter homes in order to attract younger buyers (I reconcile at 35 I'm not all that young anymore, but now fully into the second substantial financial crisis us Millennials are facing the majority of the brunt of, a lot of lives firsts are delayed or cancelled), to ensure not only a healthy and diverse workforce, but also longevity of the city.

Our DINK household is by no means wealthy, but between dramatically rising healthcare costs, tuition costs and appreciating housing prices that have dramatically outpaced wage growth housing that may not seem egregious if you were lucky enough to take part in that appreciation is completely out of reach for plenty of us, even with incomes cresting 6 figures.

Mind you, it's not a unique issue to Plano, but where they could've been a leader, a subset of the current residents have made it clear they'd don't want to share. So yeah, after living and working in Plano for the majority of the last decade, and judiciously saving up for a down payment on a house that remained just out of reach, we're now giving up.

Once we're no longer tied to NTX in about a year or so, we'll see if there's not somewhere that's more interested in creating a community that looks forward and not back.

[adixyz]

Originally Posted by Philip T

What is really going on?

In one line: Large Rental Properties.

Since Plano is "desirable" but poor(er) folks are priced out of owning or renting a house in Plano . . .

Bringing BIG Rental Sites are easy to fill since the area is "desirable."

So Vulture Capital / Corporate Looters line up to build Large Rentals.

And then the Large Rental sites depreciate over time (after all, they are depreciable property) allowing tax loses to the Capital / Looters, while giving a premium revenue stream. After looting is maxed, the sites are sold off to another layer of profit-takers, maintenance goes down, rents go down, and the next tier of Slums have been created.

This is why any city touching Dallas gets Cancer.

So the actual Plano homeowners who do not want their city being Corporate Looted and Trashed want this stopped.

Make sense?

Meanwhile the whole thing is manipulated by the Corporate Looters as a Race issue with the code term being "Urbanized" which is code for Black Trash.

This is like olde skool "Block-busting" or White-Flight -- just done with Billions and bribes to the City .gov.

Nice explanation. Meanwhile, thousands of apartments have already been built and there may not be any juice left. Isn't this ruling too late?

[NP78]

Originally Posted by TheViking85

It may be for our parents generation, but we certainly can't afford it, and only a minority of my group of similarly aged friends can either.

Plano would have benefited from well built, but denser and smaller homes to serve as starter homes in order to attract younger buyers (I reconcile at 35 I'm not all that young anymore, but now fully into the second substantial financial crisis us Millennials are facing the majority of the brunt of, a lot of lives firsts are delayed or cancelled), to ensure not only a healthy and diverse workforce, but also longevity of the city.

Our DINK household is by no means wealthy, but between dramatically rising healthcare costs, tuition costs and appreciating housing prices that have dramatically outpaced wage growth housing that may not seem egregious if you were lucky enough to take part in that appreciation is completely out of reach for plenty of us, even with incomes cresting 6 figures.

Mind you, it's not a unique issue to Plano, but where they could've been a leader, a subset of the current residents have made it clear they'd don't want to share. So yeah, after living and working in Plano for the majority of the last decade, and judiciously saving up for a down payment on a house that remained just out of reach, we're now giving up.

Once we're no longer tied to NTX in about a year or so, we'll see if there's not somewhere that's more interested in creating a community that looks forward and not back.

Definitely an issue overall as housing costs have outpaced wage growth pretty much everywhere. It’s a real issue I think, just not particularly acute in Plano from my perspective.

Plano is still relatively affordable compared to many areas in DFW and certainly in other large metro areas. Everyone’s situation is different though so not presuming to know yours, but it seems like Plano has a decent number of relatively affordable homes ($250k or less) compared to newer parts of the northern suburbs or even Richardson.