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Housing values across America will greatly change. We are seeing cities such as NYC convert office buildings into housing. I believe there is a huge affordability crisis across America there is no doubt about this however when we increase supply in a given market what will generally happen is rents will fall – this is great for the renter and not so great for the owner of the building. Many of these property owners have large mortgages and are heavily leveraged, this could bring about a situation where they would have to decrease rents to find a tenant. Many of these landlords simply do not have the means to do so and the net result of this will be these landlords facing financial difficulty and potentially losing their home or rental property in foreclosure.
The plan is to remove all zoning so what this would look like is single family homes could be converted into five or six bedroom apartments, this would impact property values and desirability of living in certain area.
Property values are largely founded on median income, amenities, location and crime rate. If the barrier to enter a certain community decreases, so the property value will follow.
I believe this plan to eliminate zoning in America could very well pop the housing bubble and decrease the valuations of properties in many markets throughout the country.
#realestate #housing #zoning