Affordable Home Ownership
88 Rental units completed in North City
Shoreline Comprehensive Housing Strategy
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.
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