residents made the areas valuable by doing things they’ve since disallowed
It’s not mainly the buildings that make an area valuable, it’s who lives there. If there’s a problem in how appreciation is distributed I’d say it’s that non-resident property owners capture some value that they don’t deserve to.
If developers need to compensate nearby property owners for negative externalities imposed on them, then who compensates the developer for the positive externalities they cause on properties the developer doesn’t own? Because if the answer is “no one” then this is a pure disincentive on development
...governments do? It’s common for big commercial/industrial projects to get big incentives from city and state governments.
Right now builders face an enormous number of veto points in any construction process
someone once decided that this makes it possible to be used as an illegal apartment
People vote for ideological anti-development hardasses because other people kept getting bribed to look the other way while developers got special permission for an apartment next to your house, or because houses in the area got split by 10 guys.
It’s not mainly the buildings that make an area valuable, it’s who lives there. If there’s a problem in how appreciation is distributed I’d say it’s that non-resident property owners capture some value that they don’t deserve to.
...governments do? It’s common for big commercial/industrial projects to get big incentives from city and state governments.
People vote for ideological anti-development hardasses because other people kept getting bribed to look the other way while developers got special permission for an apartment next to your house, or because houses in the area got split by 10 guys.