at least according to this study…
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That “study” only says that prices next to the project aren’t lower than prices a mile away. It’s not a real study in that they don’t correct for the possibility, for example, that affordable housing is build in higher density/transit areas and the homes next to the affordable housing would have been more expensive by virtue of their location, but are now only on par with properties further from density/transit.
It also doesn’t address whether affordable housing could lower values evenly across the area.
I don’t necessarily have an opinion on whether affordable housing lowers nearby home values (no personal data), but I did live around projects before and it certainly lowered quality of life. Every time I walked through that area there was increased trash/junk on the sidewalks, drivers acting extra stupid, and so on. Projects aren’t necessarily the same as “affordable housing” either.
“The bottom line for NIMBYs who fear that property values will take a hit when a low-income housing project locates nearby is that their anxiety is largely unfounded, at least in cities where housing is either expensive or in short supply,”
Since I am familiar with living near projects (ones in Chinatown) growing up, I am not going to disagree that quality of life may diminish some for the folks around them but are the home values impacted though? Apparently not, according to this, where housing is at a premium. Makes sense. Hey, come on, lay off me…slow real estate news days lately…
The biggest source of the wealth gap is home ownsership. All that affordable rents do is reduce development which redices supply. We convince people “affordable” rent is a prize while condemning them to being life long renters and missing their biggest opportunity to build wealth. Good job “helping” them.
Hey, don’t take it personally. It’s a good post, just I disagree with the methodology