California's decision to end single-family suburban zoning is doubling property prices almost overnight. t.co/FuGiTIaNNZ
— Breitbart News (@BreitbartNews) October 15, 2021
California’s decision to end single-family suburban zoning is doubling property prices almost overnight, according to the New York Times.
The decision to end single-family zoning was made to help provide lower-cost housing for millions of Americans and migrants.
But the result is that many adult Americans now cannot afford to live in the roomy suburban houses that were built decades ago for their middle-class American parents and their expanding families. Democrats in Virginia, Minnesota, Maryland, and other states are also pushing to de-zone suburbia.
The de-zoning price-spike was described in a New York Times article about a Californian who buys, remodels, and flips single-family suburban houses into multi-family dwellings:
His company bought 5120 Baxter Street for $700,000. He estimates the house would rent for $3,300 a month with a few renovations. Instead he spent about $400,000 building the new units and splitting the house, and believes he will get between $9,000 and $10,000 a month in rent across the property.
That return would increase the property’s value to about $1.7 million. The price would be galling to an aspiring homeowner who might have outbid another family before losing to Mr. Spicer and now feels cheated out of the American dream.