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Afraid to ask for fear of offending

Discussion in 'Family, Home & Health' started by PreRaphaelite, May 31, 2019.

  1. PreRaphaelite
    Brilliant_Rock

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    by PreRaphaelite » May 31, 2019
    Hi friends,
    I just found out that a large section of property (maybe a dozen large lots, overflowing three streets and five blocks) just up the street from me was sold to a developer and will be turned into section 8 housing. My instinct is to react quickly, sell up and move sooner rather than later as our property value will probably not benefit from this new development.

    First, am I factually incorrect? And second, am I morally and ethically wrong?
     
    


    


  2. MollyMalone
    Ideal_Rock

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    by MollyMalone » Jun 1, 2019
    I'm thinking you need more information. HUD Section 8 funds haven't been available for new construction for, IIRC, more than 30 years; Section 8 only subsidizes payable-to-landlord rent vouchers.

    It may be that your state/locality is offering private developers financial incentives to build housing for those with low to middle income, but the nature of such "affordable housing" projects varies widely. For example, 30% of the apartments in a proposed project (awaiting final approval, so subject to some revision) not far from where I live in NYC would be available for households with an annual income of up to nearly $115,000 (for a family of 3), which is 120% of our Area Median Income -- and classified as barely middle-income (an eye-popper for those who live in less pricey parts of the country):
    https://www1.nyc.gov/site/hpd/renters/area-median-income.page
    Under the current proposal, 25% of the apartments will be for those whose incomes are appreciably lower.

    Think this kind of "mixed" eligible income ranges amongst the intended tenants is a more common feature nowadays than they used to be, and other affordable housing developments in the pipeline in NYC will be mixed use (e.g., combined with office space, a day care center); some will require that a certain percentage of the units be set aside for rental by senior citizens on a fixed income below X dollars/year.

    I'd like to think that your local government representative (City Council member?) can give you informed particulars, including the project's status (has it actually received final approval; is the project already the subject of litigation?) and your own Area Median Income, so you'll have a better understanding of what is, or is not, envisioned.
     
  3. seaurchin
    Brilliant_Rock

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    by seaurchin » Jun 1, 2019
    I definitely understand you being concerned. I agree with Molly that you need more information. This reminded me of years ago when they planned to put in a big patio home/duplex development behind my subdivision at the time. A lot of the neighbors were up in arms and went to the city hall meeting to complain, fearing it would bring down their property values. In the end, the patio homes/duplexes were built. And they cost about twice as much as any of our homes were worth. :) Hope it works out for you.
     
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  4. PreRaphaelite
    Brilliant_Rock

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    by PreRaphaelite » Jun 1, 2019
    Thanks for replying in the spirit of generosity. I was afraid to make sweeping assumptions despite my ‘frightened fieldmouse’ instincts. I’ll do some more research.
     
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  5. yssie
    Super_Ideal_Rock

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    by yssie » Jun 4, 2019
    Good luck, @PreRaphaelite. FWIW I would have exactly the same response you've shared here, and I see absolutely nothing morally or ethically suspect about it. The reality is that certain developments proximal to one's residence do devalue that property - but I agree that more information is needed determine if that's the prognosis here.

    I would add that if you decide to sell, you are required to disclose exactly what you're required to disclose and not a whit more. The buyer is responsible for whatever information the buyer decides to take responsibility for above and beyond what you are required to disclose as a seller.
     
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  6. Bron357
    Ideal_Rock

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    by Bron357 » Jun 4, 2019
    There’s nothing wrong with wishing to move elsewhere if the style of your Neighbourhood is going to change. When big developments go up strain can be placed on existing infrastructure ie more crowded buses, less street parking, more traffic congestion which isn’t great. But the change may not necessarily be all bad, so I’d find out more before rushing into anything.
     

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