It’s happening people. What was once considered radically inconceivable is now a reality in an otherwise conservative city.
The Salt Lake City council voted 6-to-1 on Tuesday to end single-family zoning. A little less surprising is that the more liberal city of Austin, Texas, voted 9-to-2 on Thursday.
The goal of ending single-family zoning is shared by affordable-housing activists nationwide, but its actual consequences hinge on how exactly it is done — and what exactly replaces it. Yet the rules governing the size of structures have not been changed; If builders want to use the new multi-unit option, they have to designate half the units as “affordable” — i.e., offered at a discounted rent. Under these terms, people with experience in the housing industry estimate few if any projects would actually pencil out as profitable. (Bloomberg)
I think that if and when this anti R1 zoning comes to the Westside, the YIMBYS and the NIMBYS are going to really go at it. In the ensuing battle, realtors will be accused of either doing too much or not doing enough, as if realtors have some sort of dominant control over all things real estate.
What are your thoughts on the end of single-family zoning? Do you think it will help address the affordable housing crisis, or will it complicate matters further?
Thinking of Any New Year Resolutions? Consider This:
- Alcohol is the third-leading cause of death in the U.S. and the #1 risk factor for premature death among young men. 30 million Americans are in a clinically unsafe relationship with alcohol, and in addition to killing over 80,000 people per year through chronic illness, alcohol leads to nearly 60,000 acute deaths (drunk driving, overdoses, suicide) — including more than 4,000 among people between 18 and 24. Please take care with alcohol this festive season, don't drink and drive: call an Uber or cab! Have a friend or colleague walk/take you home if you've had a wee bit too much.
- Those evil billionaires! While not all billionaires are created equal, all have one thing in common. They give away lots, some more than others and some are proponents of discreet giving: McKensie Scott has donated over $16.5 billion to more than 1,900 nonprofits, significantly impacting lives worldwide after receiving Amazon shares worth approximately $38 billion in her 2019 divorce settlement. Bill and Melinda Gates have donated over $50 billion to date. Warren Buffet has gifted $51.5 billion. The great "redistribution of wealth" sometimes takes decades.
- Dovetailing on my piece about migration last week. In 2022, the 60 – 69-year-old age group represented the largest share of people moving to Florida from other states, according to the data, taken from the U.S. Census Bureau's American Community Survey. The second-largest age group moving to Florida was people ages 50 to 59.
In PHS Real Estate-Related News
We have a beautiful 8-year-old, custom 3-level modern home coming on the market soon. This is not your typical cookie cutter spec home. 3 big bedrooms up, a detached cabana / guest room, a lower level with maids and theater, large covered pool and a roomy garage with EV charger attached up front on a 60’ wide lot. Get ready to experience the epitome of modern living in this stunning residence.
Your Realtime 90402 Update:
There Are 20 Active Listings on the Market.
- The least expensive 469 17th Street, listed for $3,995,000.
- The most expensive is 512 Georgina Avenue, listed for $24,995,000.
There Are 5 Under Contract (in Escrow):
- 439 16th Street - Listed for $5,995,000, just last week (this has been the only new listing since my last update) and already under contract.
- 322 17th Street - Listed for $4,395,000.
- 450 15th Street - Listed for $3,299,000.
- 449 17th Street - Listed for $6,895,000.
- 210 22nd Street - Listed for $3,995,000.
Two Have Sold/Closed Escrow:
- 259 25th Street - Listed by Pence Hathorn Silver and sold with multiple offers for $5,685,000.
- 2121 La Mesa Drive - Sold for $22,500,000. This was originally listed in September for $33M and went into escrow after a reduction to $29M.
