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So the property was on the market.
Interesting how the story changes as you get asked more questions.
I had been renting a specific guest house when the owners put the property on the market. That is a specific actual example. I'm also talking generally about this generic type of situation which can happen elsewhere.
But gentrification did not happen in a vacuum. Zoning which does not allow for (affordable) tiny properties facilitates the eventual displacement of the poor once the hipsters move in.
Poor people who own homes generally do not get displaced by gentricfication.
are you kidding? they always get displaced by gentrification. if you bought a home for $40,000, then had it reappraised at $400,000 ten years later, you can't afford the taxes.
segregation isn't always racial. If HOAs prohibit rental uses, then 53% of NC residents live in subdivisions that are completely free of renters, which is much greater than the level of racial segregation in most parts of the country.
i can't imagine a state where 53% of the (insert race of choice here) in a state lived in subdivisions completely devoid of members of all other races.
You're having trouble following your own thread...
Not all HOA's prohibit rental use, just some of them. THE PEOPLE THAT LIVE IN THEM, VOTE on it..
Actually, that's not entirely true. In the scenario I describe, I could and did more in as a renter but not as an owner where the incumbent owner was willing to sell me the guest house I was renting.
I was already renting when the owners put the property on the market, and were unable to sell me only the house I was renting and the land on which it was situated.
It clearly was not an issue of "health and safety" since I had already moved in and had been renting the house quite lawfully.
are you kidding? they always get displaced by gentrification. if you bought a home for $40,000, then had it reappraised at $400,000 ten years later, you can't afford the taxes.
Maybe. Many places have tax laws that limit or prevent that for long-time property owners. In MD it's called the Homestead Exemption. It limits increased assessments and the following tax increase to 10% year, in some local cases lower.
Getting back to another point, many of the laws enacted to limit double huses on single lots were put in place to stop investors increasing density without accounting for other infrastructure such as off street parking and water/sewer.
We had a rash of rebuilds a few years ago by one investor who would by an old beach cottage on what was a standard lot when it was built of 25X150 (or 100 in a few cases), demoing the original house, rebuilding on the original footprint but creating a two story duplex. It became an election issue and was eventually limited by zoning.
Another point: many, not all but many, people who buy houses want a bit of yard and setbacks from the neighbors, that's a primary reason for minimum lot sizes in many areas. Also with the new environmental regulations being adopted and proposed the amount of impervious surface on a given size lot is being limited (a lot of places call it the floor area ratio) so lot sizes will either expand or houses will become smaller, which is already happening. If it was up to developers the lots would be as small as possible with zero lot-line setbacks-more houses on a set size parcel.
I jokingly, but truthfully, say to people in this area that if a developer/builder wants to file bankruptcy all he has to do is build townhouses. People that move here are not in the townhouse, or condo for that matter, market.
Maybe. Many places have tax laws that limit or prevent that for long-time property owners. In MD it's called the Homestead Exemption. It limits increased assessments and the following tax increase to 10% year, in some local cases lower.
Getting back to another point, many of the laws enacted to limit double huses on single lots were put in place to stop investors increasing density without accounting for other infrastructure such as off street parking and water/sewer.
We had a rash of rebuilds a few years ago by one investor who would by an old beach cottage on what was a standard lot when it was built of 25X150 (or 100 in a few cases), demoing the original house, rebuilding on the original footprint but creating a two story duplex. It became an election issue and was eventually limited by zoning.
Another point: many, not all but many, people who buy houses want a bit of yard and setbacks from the neighbors, that's a primary reason for minimum lot sizes in many areas. Also with the new environmental regulations being adopted and proposed the amount of impervious surface on a given size lot is being limited (a lot of places call it the floor area ratio) so lot sizes will either expand or houses will become smaller, which is already happening. If it was up to developers the lots would be as small as possible with zero lot-line setbacks-more houses on a set size parcel.
I jokingly, but truthfully, say to people in this area that if a developer/builder wants to file bankruptcy all he has to do is build townhouses. People that move here are not in the townhouse, or condo for that matter, market.
as someone who also lives in MD, I think you'd agree that they couldn't get away with making property taxes much higher in this state.
Maybe. Many places have tax laws that limit or prevent that for long-time property owners. In MD it's called the Homestead Exemption. It limits increased assessments and the following tax increase to 10% year, in some local cases lower.
Unless of course they re-assess everyone in the county, which they often do.
I had a property assessment jump from $45K last year to $90K this year, and the kicker is, its on the market for $40K.. I fought the assessment, and lost...
as someone who also lives in MD, I think you'd agree that they couldn't get away with making property taxes much higher in this state.
As long as poor residents from DC keep being pushed into the MD suburbs due to gentrification and MD continues to be a sanctuary state for illegals, the property taxes will continue to rise.
as someone who also lives in MD, I think you'd agree that they couldn't get away with making property taxes much higher in this state.
You ain't seen nothing yet. With the O'Malley program of cutting programs such as Aid For Police and Highway User Funds to the Counties and municipalities the pressure for tax rate increases is growing. Especially so since assessments are still dropping or at best stagnant.
In reality, and I know this is heresy, the property taxes in MD aren't really out of line when based on property assessments (that's another and different argument about the reality of assessments issued by the MD Department of Assessments and Taxation). I'm basing my statement on my experience with property taxes in other states, primarily PA. My taxes here, and remember I pay both County and Town, weren't much more than my mother's in a town in rural NWPA. I think the difference was $800 (which included special assessments for trash and water/sewer. Factor those out the difference was about $100.). This was on my house, which was assessed 6 or 7 times more than hers.
I know that's a single anecdote but I've seen/heard it repeated countless times.
Unless of course they re-assess everyone in the county, which they often do.
I had a property assessment jump from $45K last year to $90K this year, and the kicker is, its on the market for $40K.. I fought the assessment, and lost...
We're reassessed every three years here on a regular schedule. Even if your example happens (and it has) the Homestead Exemption limits it to the 10%/year with what's called a phase-in. Someone like Mrs. NBP and I who have been in our house for a couple decades are taxed at a much lower phase in assessment because of that. You buy my house and you pay at the full assessment/market price. But, beginning the second year you live in the house, you come under the Homestead Exemption.
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