Time to Rethink Housing Zoning
Since the housing crash over 10 years ago, America has not built nearly enough housing units which of course has constricted supply and forced home prices much higher. If you’re a property owner, you’re probably very happy about that. If you are someone looking to purchase property, this has not been a fun time.
There is so much capital floating around out there that it’s easier to create new jobs than it is to build more housing. Cities need to start to rethink their zoning regulations to allow for much greater density and to allow new thinking in housing options. For example, in Minneapolis, they no longer have single family zoning. In any area in Minneapolis where there is an existing family house, it can now accommodate up to 3 units. I think this is a good start but will need to see that number raised to something like 8 units per acre. There are many large suburban homes that could be carved in it rentals and allow multiple different, unrelated tenants rent rooms in that house.
It’s time to take a fresh look at zoning in cities and suburbs all across America.
About The Author
John Murphy
Husband of 36 years to my college sweetheart, Janet Murphy (@janetmurphydesign on Instagram). Together we have 6 wonderful children from ages 18-34 and 6 grandchildren. My main work is helping commercial building owners and real estate investors save money on their income taxes by doing cost segregation. I work all over the U.S. but have a lot of clients here in SC and in the southeast in particular. The firm I represent is CSSI, LLC. I love the work! I’ve also been a licensed REALTOR since 2003 and broker since 2007 but my work is limited to just a few clients each year. We relocated to Greenville, SC for the lifestyle, lower cost of living, amazing amenities in the area and the growth opportunity for business and real estate. We absolutely love it here!
All opinions are expressly my own and do not represent either CSSI, LLC or eXp Realty LLC or any other company, organization or group that I might be affiliated with.