Comments on: Where is the Affordable Housing in Charlottesville and Albemarle? http://www.realcentralva.com/2009/03/18/where-is-the-affordable-housing-in-charlottesville-and-albemarle/ Tracking Charlottesville's Real Estate Market since 2005 Mon, 13 Feb 2012 12:10:41 +0000 hourly 1 http://wordpress.org/?v= By: curious http://www.realcentralva.com/2009/03/18/where-is-the-affordable-housing-in-charlottesville-and-albemarle/#comment-26121 curious Thu, 19 Mar 2009 12:43:17 +0000 http://www.realcentralva.com/2009/03/18/where-is-the-affordable-housing-in-charlottesville-and-albemarle/#comment-26121 I would support current homeowner subsidies if I were at all convinced that they actually lead to more affordable housing, but I'm not there yet. Without deed-restrictions, they end up being a one-time transfer of wealth from government (or, in the case of proffers, from the developer and other homebuyers) to a particular 80% AMI household with no long-term results to show for the money. What's the point in that? If there is some sort of deed-restriction, this rule would undermine the homeowner's ability to build equity, which is one of the fundamental benefits of ownership. IMO, the one way out of this is build more, build smaller, build closer together. How can this be incentivized? Well, a good place to start would be to roll back many of the disincentives and outright barriers currently built into zoning ordinances (particularly in the city). I don't know if the political will is there for this yet, but if more people made the real connection between AH and exclusionary zoning it could potentially be generated. I would support current homeowner subsidies if I were at all convinced that they actually lead to more affordable housing, but I’m not there yet. Without deed-restrictions, they end up being a one-time transfer of wealth from government (or, in the case of proffers, from the developer and other homebuyers) to a particular 80% AMI household with no long-term results to show for the money. What’s the point in that? If there is some sort of deed-restriction, this rule would undermine the homeowner’s ability to build equity, which is one of the fundamental benefits of ownership.

IMO, the one way out of this is build more, build smaller, build closer together. How can this be incentivized? Well, a good place to start would be to roll back many of the disincentives and outright barriers currently built into zoning ordinances (particularly in the city). I don’t know if the political will is there for this yet, but if more people made the real connection between AH and exclusionary zoning it could potentially be generated.

]]> By: shamalama http://www.realcentralva.com/2009/03/18/where-is-the-affordable-housing-in-charlottesville-and-albemarle/#comment-26120 shamalama Thu, 19 Mar 2009 01:00:06 +0000 http://www.realcentralva.com/2009/03/18/where-is-the-affordable-housing-in-charlottesville-and-albemarle/#comment-26120 Clearly the burden is now on developers, given the thousands of housing units that have been approved. I've heard that over 10,000 to 15,000 new units have been approved in the past ten years. Unfortunately, I can hear developers saying "...the market just isn't there for smaller units." If there ever were a time for smaller affordable houses, it is now. The approvals are in place (North Pointe, Biscuit, and on and on...). I hope we see these new units soon. The time has come for a little less profit for developers, and a little more value for homeowners. Clearly the burden is now on developers, given the thousands of housing units that have been approved. I’ve heard that over 10,000 to 15,000 new units have been approved in the past ten years.

Unfortunately, I can hear developers saying “…the market just isn’t there for smaller units.”

If there ever were a time for smaller affordable houses, it is now. The approvals are in place (North Pointe, Biscuit, and on and on…). I hope we see these new units soon. The time has come for a little less profit for developers, and a little more value for homeowners.

]]> By: Real Cville - The Bubble Blog http://www.realcentralva.com/2009/03/18/where-is-the-affordable-housing-in-charlottesville-and-albemarle/#comment-26113 Real Cville - The Bubble Blog Wed, 18 Mar 2009 14:21:27 +0000 http://www.realcentralva.com/2009/03/18/where-is-the-affordable-housing-in-charlottesville-and-albemarle/#comment-26113 "Subsidized housing" is the topic of this post; "affordable housing" is the PC euphemism that's come into use across the US. You recognize this when you put "affordable" in quotes in the body of the post. Folks who are interested in buying want to know the answer to the question "Where is affordable housing in Charlottesville?" too. The median prices in this area exceed those in major metropolitan areas. It's no wonder that so many of the proposed new developments are stalled or have faced mass foreclosures, since the properties were too pricey for "average buyers." And this has led to only 9 new units of subsidized housing. 23% of the City's population lives in poverty. The Obama stimulus plan will give Cville about $750K to "fix up" existing subsidized housing, but not to build any more. It's a sad comment when the money life of a community has gotten so out of whack that we have a money fight over the "luxury" Landmark Hotel, an alleged Ponzi scheme, several years worth of overpriced RE and many hardworking folks priced out of the market, lots of farmettes and estates for sale but not moving, and subsidized housing that often looks worse than that in pre-Katrina NO. Outsiders must think WTH is going on over there? “Subsidized housing” is the topic of this post; “affordable housing” is the PC euphemism that’s come into use across the US. You recognize this when you put “affordable” in quotes in the body of the post.

Folks who are interested in buying want to know the answer to the question “Where is affordable housing in Charlottesville?” too.

The median prices in this area exceed those in major metropolitan areas. It’s no wonder that so many of the proposed new developments are stalled or have faced mass foreclosures, since the properties were too pricey for “average buyers.” And this has led to only 9 new units of subsidized housing.

23% of the City’s population lives in poverty. The Obama stimulus plan will give Cville about $750K to “fix up” existing subsidized housing, but not to build any more.

It’s a sad comment when the money life of a community has gotten so out of whack that we have a money fight over the “luxury” Landmark Hotel, an alleged Ponzi scheme, several years worth of overpriced RE and many hardworking folks priced out of the market, lots of farmettes and estates for sale but not moving, and subsidized housing that often looks worse than that in pre-Katrina NO.

Outsiders must think WTH is going on over there?

]]>