Sewer Easement

[Dm84]

Originally Posted by bugelrex

Can 40b have only 20% units affordable and the rest luxury? This setup wouldn't be too bad for home values

What happens is people won't pay the luxury pricing to live near section 8 tenants, and the entire complex usually gets converted to section 8 soon thereafter.

[CaseyB]

People don't want to live next to multi-family developments, regardless.

[bugelrex]

Originally Posted by Dm84

What happens is people won't pay the luxury pricing to live near section 8 tenants, and the entire complex usually gets converted to section 8 soon thereafter.

This 40b legislation is starting to sound somewhat communist/socialist, wonder how it ever got passed.

[jbabineau29]

Thank you all for the feedback. We went to speak with some town officials yesterday and the builder is in the very early stages and haven't submitted anything to the town and actually haven't gone to the state yet for their approval letter. The project is currently a "friendly" 40B and there is a moratorium on expanding the town sewer. They would be able to get a waiver for this but may require other trade offs from the town if they grant this waiver. We also spoke with our real estate attorney yesterday and he said we would have a good amount of leverage in this situation. Again thanks for the feedback.

[timberline742]

Originally Posted by bugelrex

This 40b legislation is starting to sound somewhat communist/socialist, wonder how it ever got passed.

Communist or socialist? Two different things.

[johngolf]

Originally Posted by timberline742

Communist or socialist? Two different things.

Yes, two very different things and only thought of as the same by those uneducated on the differences.

[bugelrex]

Originally Posted by johngolf

Yes, two very different things and only thought of as the same by those uneducated on the differences.

Socialist = forced transfer of wealth from one class to another of lesser means

Communist = forced transfer of wealth to the government and its officials. Central planing


Any better definitions?

[Shrewsburried]

Originally Posted by Dm84

What happens is people won't pay the luxury pricing to live near section 8 tenants, and the entire complex usually gets converted to section 8 soon thereafter.

Saw this play out real time in Lowell. I moved into a 'luxury loft' complex roughly 10 months after it was renovated around 2009. The tenants were largely young working professionals, with a very small minority subsidized. I lived there two years and it was a perfectly fine living situation. Tenants were pleasant, management was professional, and the building was well maintained. I then broke up with my SO, left the building for 20 months, and returned back when my ex had vacated her lease. Upon return, it was quickly apparent the subsidized tenants had gone from a small minority to near parity. Drinking/smoking cigarettes outside the lobby became 'a thing' as did random Tuesday night parties. Fast forward 5 years and my coworker/friend remains in this building and he is now in the small minority of working professionals. Cops have been showing up regularly, one neighbor has some serious substance abuse/domestic abuse issues, another neighbor is clearly dealing heavy narcotics. He says the management is still professional and the building well kept, but the tenant pool is truly dismal - this from someone who lived in fringe Baltimore neighborhoods for 8 years.

In roughly one decade the complex went from 'millenial luxury' to 'public housing'. After living through that transition, I would avoid any large scale apartment complex like the plague.

[MikePRU]

Personally, I would be looking for a lot more than $20K to grant such an easement. Then, I'd take that money along with whatever cash I can get for my house and I would high tail it out of there. Offering the company building the apartment complex the option to buy your house outright instead of granting them an easement is an interesting idea that I would explore. If the word is out about this building in your town then chances are your property values have already dropped. Did you know about this when you bought the house?

Originally Posted by Dm84

What happens is people won't pay the luxury pricing to live near section 8 tenants, and the entire complex usually gets converted to section 8 soon thereafter.

You're painting with a pretty broad brush here. It's pretty bone headed to put up a luxury apartment building in a location that can't support luxury lease rates. It happens though and inevitably the building gets transformed. However, if you put up a luxury apartment building in an area that can support higher lease rates it's unlikely you'll see happen what you describe. It seems in areas like Newton/Wellesley/Needham/etc. there is a never ending stream of divorcees, people between homes, and people renovating/adding on to their current homes which help to fill up these buildings. Not to mention all the folks who want to live in these school districts by any means necessary.