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Originally Posted by Gantz
This is complete bull. If there was such high demand to build multifamily housing in suburbs with no public transportation, real estate developers would be fighting hard and suing the suburbs already, like what they do in high demand areas such as NYC or SF that have abysmal exclusionary zoning.
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Except they are doing this, all over. They're suing every desirable town, coast-to-coast.
Quote:
Originally Posted by Gantz
Heck, even in cities, most affordable multifamily housing is simply unprofitable to build unless they have government subsidies attached.
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100% nonsense. SFHs are barely profitable, and multifamily housing has much higher profit margins. This is why developers fight for multifamily.
And developers don't build affordable housing units because they can't make money on market rate units, LOL. They build affordable housing units because they're required to by the municipalities.
Quote:
Originally Posted by Gantz
Most suburb local governments do not have budgets to fund those activities even if they wanted to.
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Because they're mostly SFHs. That's the point. They're dying, and the SFH homeowners are generally killing them.
There are sprawly towns all over the nation (outside the Sunbelt) where every school district is wondering where all the kids went, and mass-closing schools. It's because family size shrunk, the suburb is built out, and young people of child-bearing age don't want to live there.
The school district I attended in Metro Detroit, has some of the highest performing schools in the state, is very high income, scenic and safe, yet they've closed half the schools in the last 20 years, and student population keeps dropping. Meanwhile home values haven't budged in 30 years. Inflation-adjusted, home values have plummeted. And the town would never approve a home that wasn't a large SFH on generous acreage, which non boomers generally don't want.
There will likely be a point, mid-century or so, where we have exurban mcmansion abandonment. When a home was bought for 500k in 1990 and barely sells for 500k in 2020, it's a looming catastrophe.