| "Holly Springs, NC council approves downtown townhouses" This headline story in our local paper is really nothing new, we see it most weeks and I am sure it is printed in newspapers across the country. This is the direction our nation is moving in. We have left modest single family homes in the 50s and 60s, with "Ozzie and Harriet". I often wondered if town and city officials poll residents to learn the type of housing they prefer. But, in my experience with town councils, residents desires don't rise to the level of developers and its unlikely residents are even considered before most decisions are approved. More likely town officials meet with developers who had already purchased the parcel of land that is the 'perfect fit' for townhouses. All they need is a green light from the town, a light which rarely changes to red! Throughout our area and I am sure around the country developers know if "they build it, someone will buy it". Am I making something out of nothing? Perhaps, but bare with me. Consider developments that are not townhouses. Check out the prices, most are much higher. So, the affordability of townhouses is more appealing and buyers benefit. But, the sparse number of high priced single family homes lends itself to a sort of discrimination. Not the type which gets government to force "affordable" housing on towns and the taxpayers back. Recent reports say regulations add $85,000 to the price of new single family homes. Story on link: http://nws.mx/2aOAcRW Its stealthily done, an increase most are not aware of and only higher incomes or two income families can afford. Its no wonder developers avoid building single family developments, it would prevent most first time home buyers from purchasing! Housing is part of the 'triad' of fastest rising costs, joining education and health care. All three combine to severely cut discretionary spending which is required to have a robust economy. Since I'm stuck on numbers, here's is another to absorb, home ownership is the lowest since 1967, sitting at 63%! Story, http://cnb.cx/2aOCQaq As you digest this number, consider the cost of borrowing for a home. Mortgage rates have not been this low since the 1950s! With the lowest mortgage rate we should not also have the lowest ownership rate, unless it is due to the high cost. Without evidence to conclude otherwise we may believe our younger generation prefers rentals. We can query our children and grandchild who are of home buying age to learn their preference and why. We may be in the middles of an unseen perfect storm for home buyers needing immediate attention. I'd like to see.... Home buyers get relief with a reduction in the amount and cost of regulations, ultimately paid by them. This would allow developers to gain the same profit objective without having to rely solely on townhouses, mixing lower priced single family homes into the mix of developments, driven by town officials to home buyers needs, not developers interests. This would reduce the density of most developments and congestion packed townhouses bring. This mix of housing choices would result in less spending to widen existing and build new roads, and increased taxes to pay the cost. Not only would we have a higher percentage of home ownership, the discretionary amount families have to spend will boost the economy. The people to address this problem are county and state officials and legislators. Let's hope those in a position to address what is occurring in housing see the green light should be a warning! | |||
"Point of View" blog http://ajbruno14.blogspot.com/
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