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citiboi27610

Affordable Housing

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I'm from Raleigh, North Carolina. Our downtown has recently seen a spurt of growth. Prices for condos are expensive and well our of range of mid-income and lower-income families. I don't know why this happens but I've heard that this happens when a market first grows as rapidly as this situation. Higher market price condos first and then slowly the other housing moves in. I don't want to believe that. So could you help me out? What's the secret formula for convincing developers to build apartments and condos in a 'hot' market? How do yo make the most of the land withouth charging so much?

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I don't understand the pricing formula for the current downtown condo trend. I from a bit up 40 in Winston-Salem and we have one condo building being built with units going for 1.3 million!! I mean downtown is becoming a better place to go, but downtown Winston sure ain't Manhattan! I don't get it.... :blink:

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I don't understand the pricing formula for the current downtown condo trend. I from a bit up 40 in Winston-Salem and we have one condo building being built with units going for 1.3 million!! I mean downtown is becoming a better place to go, but downtown Winston sure ain't Manhattan! I don't get it.... :blink:

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It takes a dedicated city council, mayor, planning board, whatever is appropriate for an area, to make sure they zone property so the goal is to build a community instead of an enclave that suits only one demographic. This means they have to take some unpopular stands such as requiring a developer to devote a certain percentage of a project to affordable housing. I don't mean subsidized housing, but homes that can be afforded by the median income in the area. If needed they can put restrictions on how these homes could be sold in the future to keep down the profiteering.

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I from a bit up 40 in Winston-Salem and we have one condo building being built with units going for 1.3 million!! I mean downtown is becoming a better place to go, but downtown Winston sure ain't Manhattan! I don't get it.... :blink:

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That's easy - become socialist!

Developers build not because they like to build houses or design pretty places. They build to make money. Whatever will give them the most profit, they are going to do. You can't force equity - in fact most people would hate that anyways - they like to feel removed from other groups. The only real solution is to think well ahead and put in enough safeguards that when prices get to high something else has to give.

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That's easy - become socialist!

Developers build not because they like to build houses or design pretty places. They build to make money. Whatever will give them the most profit, they are going to do. You can't force equity - in fact most people would hate that anyways - they like to feel removed from other groups. The only real solution is to think well ahead and put in enough safeguards that when prices get to high something else has to give.

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There's only one way...build up. Supply should exceed demand.

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That's easy - become socialist!

Developers build not because they like to build houses or design pretty places. They build to make money. Whatever will give them the most profit, they are going to do. You can't force equity - in fact most people would hate that anyways - they like to feel removed from other groups. The only real solution is to think well ahead and put in enough safeguards that when prices get to high something else has to give.

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You never see too many one story houses these days. And here in Richmond, the small houses are all being demolished. The cute little Italiante shotgun houses are all endangered here and no one seems to care thay they disappear. Why can't more one story houses be built? They shouldn't cost as much as the big two-story ones should they?

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Unless one has sixteen children, nobody needs a home bigger than 2,000 sq. ft.. Smaller homes would take up less space and material than big McMansions and therefore cost less for the home buyer.

I also think that the way realestate works today is unsustainable. Overtime realestate grows in value and therefore becomes more expensive to buy. If that keeps up, won't there come a time when realestate prices become so high that only the very richest can afford to own a home. "What about renting a home?" somebody might say. That too would be affected by the price of realestate. Already, many rentals have monthly dues the equivalant of small to moderate house payments. The higher to cost to buy build and maintain (rising property value) rental living accomadations the higher the monthly rent dues the landlord will have to charge to turn a reasonable profit. Even renting may oneday become a steep proposition for those seeking an affordable place to live. In short, unless somthing happens, will there be a time when homes price themselves into oblivion?

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Unless one has sixteen children, nobody needs a home bigger than 2,000 sq. ft.. Smaller homes would take up less space and material than big McMansions and therefore cost less for the home buyer.

I also think that the way realestate works today is unsustainable. Overtime realestate grows in value and therefore becomes more expensive to buy. If that keeps up, won't there come a time when realestate prices become so high that only the very richest can afford to own a home. "What about renting a home?" somebody might say. That too would be affected by the price of realestate. Already, many rentals have monthly dues the equivalant of small to moderate house payments. The higher to cost to buy build and maintain (rising property value) rental living accomadations the higher the monthly rent dues the landlord will have to charge to turn a reasonable profit. Even renting may oneday become a steep proposition for those seeking an affordable place to live. In short, unless somthing happens, will there be a time when homes price themselves into oblivion?

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I don't think you can limit just house size, nor limit availability. Both of these simply drive up demand and make houses cost more, thus encouraging even more extravagant building.

Of course, the solution is going to depend a lot upon where and what is in the surrounding area. But one factor I think really needs addressing, and that is the development itself. It should be a lot harder for someone to buy a huge piece of property and dole it out into house lots. That's wehere the sprawl, the mcmansions, and the high prices come in to play. Perhaps an interesting idea would be to have progressive lot sizes. As a neighborhood build up, let the house lots get smalle,r so that owners can then start subdividing their lots into an additional lot or two. This might create higher densisty, as well as a more organic layout and design.

But developers are always going to concentrate on the percieved majority. And in that cse it is always the safe bet, which means traditional styling and large size. SO the ultimate solution isn't to change how developers can build, but to convince developers to build differently.

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