Study: Density Increases Value of Existing Homes
Publicola picked up on an important point yesterday when they called out State Representative Gerry Pollet’s assertion about the impact of small-lot development. Here’s part of the Publicola post:
But more important, Rep. Gerry Pollet, who’s been holding town halls of his own all session, definitely needs to explain his recent comments to KIRO TV, which Erica flagged in yesterday’s OOBT. Rep. Pollet, who ran a bill to require notice when developers build small-lot houses, described the housing as “monstrosities, they ruin neighborhoods, they literally destroy the value of the houses next door.”
Question for Pollet: Does he have any proof that property values have declined as a result of small lot development?
It’s a good question and hopefully Representative Pollet will call Anne Vernez Moudon a professor at the University of Washington which happens to be right next door to the Laurelhurst neighborhood where so much fuss is being made about some new homes. Before he does his next town hall he might ask her the question. Here’s what she said about a study she worked on asking the very same question about density and property values:
The results should not come as a complete surprise,” Moudon said, “as it is well known that property values in neighborhoods like Queen Anne, packed with dense, single-family development and intermittent low-rise apartment buildings and condos near retail, are substantially higher than in some of the county’s sprawling subdivisions.
I’ve heard Moudon speak before and she’s pretty sharp. I trust what she says. Maybe she can persuade Representative Pollet that small-lot development is better for home values than “sprawling subdivisions.”
What the data show is that value of homes tracks with many factors including overall neighborhood quality, schools, walkability, and access to retail nearby. People want to live in vibrant neighborhoods that are close to things they need and want. New single-family homes, like those that would be built with the 80 Percent Rule, add to the overall quality of life and provide a housing opportunity for families that might end up moving somewhere else.
Here’s more information on Representative Pollet’s upcoming town hall.
Who: State Rep. Gerry Pollet, state Rep. Jessyn Farrell, and state Sen. David Frockt — 46th Legislative District Democratic lawmakers.
What: Tele-Town Hall for citizens who live in the 46th Legislative District, which includes neighborhoods of North Seattle and Northeast Seattle, as well as Kenmore and Lake Forest Park.
When: 6 p.m. to 7 p.m., Tuesday night, Feb. 25, 2014.
Where: Seattle and Olympia.
Shortly before 6 o’clock that evening, thousands of 46th Legislative District citizens will receive phone calls inviting them to stay on the line and participate in the Telephone Town Hall. Folks who want to ask a question in this phone program will need simply to press “*3” (i.e., press the “star” button and then press the “3” button). If for some reason a citizen doesn’t get the call, he or she is encouraged to call the toll-free telephone number directly, 1-877-229-8493, and then enter PIN code No. 18646 when prompted to join the discussion.