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Originally Posted by hotzcatz
The way the current land use zones are set up pretty much requires that we have folks commuting to work. It was set up that way to provide nice quiet neighborhoods when transportation was inexpensive and easy.
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I think the bigger culprit is the "secondary mortgage market". As in Fannie Mae and Freddie Mac.
When I was a kid, growing up in a small town on Long Island in the 30's and 40's, "Downtown" was mostly made up of stores with apartments over them. Two or three story buildings. That made for a close knit neighborhood feel, and no commuting.
The problem is that such buildings are "mixed use" in Real Estate terms. I don't think banks will loan on such a building nowadays (even before the credit crunch) because they can't sell the mortgage to Fannie Mae or Freddie Mac, who only buy mortgages for "residential" or "commercial". Not both.
If folks can't get a loan on a particular type of property, I don't think they are going to build that kind of property.
Anyone know if I'm right?
Hank