There are two approaches to housing people. They can live in a dwelling they do own or one someone else owns. Does it matter? One difference is neighborhood stability. It is more difficult for people to have lasting relationships with their neighbors when their neighbors are moving on every few years. That long term investment in a home tends to make people think about upkeep and repair of their home but also to think about the health and well being of the rest of their neighborhood. An atmosphere of mutual respect and consideration is more pervasive in a community of home owners.
The other approach to housing is apartment rental. Apartment rental can occur in the context of individual home owners who rent out a second unit in the same home they occupy. These apartments can provide a place to live for those who can't afford or don't want the responsibility of home ownership. An on site landlord is very different than an absentee landlord. The absentee landlords are less interested in maintaining the apartment and more likely to rent to whoever has the money without really checking to see if they would be a responsible neighbor.
Where development occurs in one block it can have the effect of raising property values on homes nearby. As property values go up they make it more expensive to keep a home with a fixed or low income. Older people find themselves forced to sell because the cost of living is increasing but their income is not. High property values make it difficult to build new affordable housing with out increasing the density. Tax statements reflect the value of the land going up while the value of the structure is going down. This makes it more difficult to get financing for repairs. Upzoning property makes its property value go up. Renters also feel the pinch of property values and taxes going up in the form of higher rent.
Sustainable Shoreline Education Association (c)2007
Modified 12/7/2007