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I bought a townhouse in April. Much of the surrounding land is undeveloped.
The city recently (last week) changed the zoning for the undeveloped land; it will now be Public Housing.
A. Sell now. Remember, I've only been there since April.
B. Sell in about a year, hoping to get some equity out of the place.
C. Gut it out and stay. Public housing people aren't all bad.
I own a single family home that is occupied by renters until April.
"Public housing people" aren't all bad. The value of your place will drop, though.
FWIW, it's odd that the city "changed the zoning" of undeveloped land to public housing. Where is this?
There are wonderful people who live in public housing and they will bring a lot to the neighborhood.
But any public housing I have been ever been around has involved a lot of traffic and a certain amount of general noise and mayhem. The majority of folks are doing their best in a difficult situation. But there are those who make life difficult for everyone in the vicinity.
I would encourage the OP to check out several public housing areas. Wander around evenings and weekends. Talk to homeowners in the area. See if these are problems you are comfortable dealing with as a homeowner, whether resident or landlord.
I am no expert about the effect on the value, but I suspect that it will definitely be harder to sell.
How much of your life do you want to devote to this?
If it were me, I'd cut my losses and find a place to invest in that held a stronger possibility for increase in value.
I agree with the first four. The thing is, no matter how nice the public housing is built it will always be public housing and have a lower value than your home.
What about your neighbors in the townhouses. What are they doing? Is it a new development?
I wonder if whoever you bought the house from knew about hearings that were probably going on regarding changing the zoning of the nearby land?
I agree with the first four. The thing is, no matter how nice the public housing is built it will always be public housing and have a lower value than your home.
What about your neighbors in the townhouses. What are they doing? Is it a new development?
I wonder if whoever you bought the house from knew about hearings that were probably going on regarding changing the zoning of the nearby land?
Probably. These types of things usually don't happen overnight.
Is this indeed "public" housing.............or affordable housing?
There's a world of difference.
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