Quote:
Originally Posted by TiltonBB
Massachusetts already has laws that multi family low income housing can override local zoning. People are buying property in upper class towns to tear down and build low income housing. So you work all your life to afford a nice place in a nice community and then.....Whoops! There goes the neighborhood!
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I don't see many investors buying property in upper class towns to build low income housing. The only way that happens is if the town buys the property. But new projects do require a percentage of low income units to get approval, usually about 10 to 15%. As a matter of fact, most rental housing has been rehabbed into high end condos removing many rentals from the market.
The only way a new apartment complex gets built is if the numbers work. They have to rent the other 85 to 90% at top dollar prices. It's been just the opposite the past 12 years or so. Lower income areas have undergone complete rebuilding and sold at high prices driving out low income renters.
I live in Waltham which is considered a lower income city surrounded by upper class cities and towns. A typical multi family unit in Waltham sells and gets rehabbed into high end condo's selling just under a million each. Single family homes under $500K are being torn down and replaced by homes selling for 1.2 to 1.4 million.
I own a piece of industrial property that has an override for multi family housing. I could build 12 rental units giving up 2 to low income but the numbers don't work, not yet anyway.