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So we have been having a debate over on the Connecticut forum about the impact on property values of building a 5 story affordable housing apartment building in the middle of a single family neighborhood. Connecticut State Law 8-30g has basically given developers the right to build what they want, where they want without local approval if 30% of the units are designated as affordable housing.
This has resulted in large 5 story apartment buildings being proposed and built on small lots in suburban towns around the state. These projects have densities of about 40 units per acre in neighborhoods where multi family housing is normally 15 units per acre. It also has meant that developers are building giant boxes with little to no architectural character and do not have sufficient parking or landscaping.
The debate has centered around whether these building lower property values of adjacent homes. Some contend they do not and point to studies of affordable housing projects in other parts of the country. What these studies don’t look at are buildings that are out of character with the neighborhood. Instead they are just regular 2 story buildings which is not what is being built here. To better answer this I decided to take a poll.
You are looking to buy a home. There are two homes you are looking at. Both are the same size with the same number of rooms and bathrooms. The lots are the same size and have the same garage space. They are both in similar condition. The only difference is one is next to a five story apartment building, the other is surrounded by similar homes. The question is which would you pay more for?
Please be honest and objective. Your opinion is greatly appreciated. Thanks, Jay
I have viewed a lot of real estate online and in person for many years. I have noticed many times what appears to be a good deal. Upon further analysis of the property it is right across the street from some commercial enterprise. Or, it has a large multifamily unit on one or more sides. One issue is having a lot of upstairs windows in a property that all have views into your backyard. You brought up the density and lack of parking which would just generally trash out the neighborhood.
For me personally it would not lower the value in my eyes. I would just never buy it. But, that's not to say that some idiot might buy it. That's what takes what should be a no brainer and turn it into a question mark.
So we have been having a debate over on the Connecticut forum about the impact on property values of building a 5 story affordable housing apartment building in the middle of a single family neighborhood. Connecticut State Law 8-30g has basically given developers the right to build what they want, where they want without local approval if 30% of the units are designated as affordable housing.
This has resulted in large 5 story apartment buildings being proposed and built on small lots in suburban towns around the state. These projects have densities of about 40 units per acre in neighborhoods where multi family housing is normally 15 units per acre. It also has meant that developers are building giant boxes with little to no architectural character and do not have sufficient parking or landscaping.
The debate has centered around whether these building lower property values of adjacent homes. Some contend they do not and point to studies of affordable housing projects in other parts of the country. What these studies don’t look at are buildings that are out of character with the neighborhood. Instead they are just regular 2 story buildings which is not what is being built here. To better answer this I decided to take a poll.
You are looking to buy a home. There are two homes you are looking at. Both are the same size with the same number of rooms and bathrooms. The lots are the same size and have the same garage space. They are both in similar condition. The only difference is one is next to a five story apartment building, the other is surrounded by similar homes. The question is which would you pay more for?
Please be honest and objective. Your opinion is greatly appreciated. Thanks, Jay
This is because they are desperate. We have a real housing crisis in this country and in other countries as well.
I am one of the people in this country who needs affordable housing. At the same time, I think what they are doing is wrong. If I were a single family home owner or even a lessee, I would not want a honking five story building in my neighbourhood.
I have viewed a lot of real estate online and in person for many years. I have noticed many times what appears to be a good deal. Upon further analysis of the property it is right across the street from some commercial enterprise. Or, it has a large multifamily unit on one or more sides. One issue is having a lot of upstairs windows in a property that all have views into your backyard. You brought up the density and lack of parking which would just generally trash out the neighborhood.
For me personally it would not lower the value in my eyes. I would just never buy it. But, that's not to say that some idiot might buy it. That's what takes what should be a no brainer and turn it into a question mark.
Agreed. I hate any property larger than a duplex. Multi-family housing does ruin everything with which it comes into contact. I do not care if it starts out as super luxury units, eventually the property WILL decline. The social ills that come with multi-family housing are well known.
Clearly, a house surrounded by similar homes would bring a higher price.
UNLESS, an adjacent home could be razed and another apartment building erected to gain a better return.
At some point, the value is tied to the land more so than to the existing improvements. I.e., the ba$i$ behind "highe$t and be$t value."
Yeah, infill rezoning for multiple family units in existing SFR neighborhoods is a hot topic in a lot of areas.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Regardless of "affordable" or not, I wouldn't buy a house within several blocks of any apartments. I had enough from the 2 years living in an apartment when I was in college. In our current city there were no apartments at all when we moved here.
Recently a few have been built, but the nearest is a mile from us, the tallest is 4 stories high. We are also a mile from the nearest stores, and 6 miles from the nearest freeway, all considered when decided on where to buy.
Years ago I viewed a beautiful little brick house in a very nice neighborhood, from what I could see online.
Perfect for me. Until I drove up to the house. Three story Apts across the street. Probably close to 50 of them.
I would buy similar home not next to apt building.
Five stories, 30% "affordable housing" and the crime rate in the area is going to shoot up. Parking problems will be terrible and there will be trash blowing around. There will be a lot of noise and very possible for drug dealers to move into the area, maybe to rent one of the apartments, but at least coming around to service the apartments.
Even with a high end apartment building, you might not get the crime and dirt, but the parking issue will be intolerable. Five stories there will be a minimum of 20 apartments and more likely four or five times that number and each apartment will probably contain two drivers so the average of two cars for each unit added to the neighborhood and the apartment has not be required to add any parking. 40 to 100 new cars trying to park on your street every night?
There will be noise, additional cars going in and out, stereos playing, kids shouting as they play, and apparently playing in the street if no parking lot or green area is required.
I'm going to give it a pass and look for a place that is already built up with single family homes.
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