You know, there are several good reasons why real estate costs so much in Boston, and in the suburbs, and in other towns and cities, across the country.
One of the big reasons is because of restrictive land use laws and regulations, which limit where you can build, and what you can build.
Of course, if you’ve already got your own home or condo, you’ll do whatever you can to keep others from being able to buy, as pointed out in this article appearing in The Wall Street Journal Online.
Question: Our city council is considering increasing the minimum lot size for all newly created single-family lots.
The current single-family lot size minimum is 15,000 square feet with 100 feet of frontage along a public street.
New lot sizes being considered range from 20,000 square feet to 23,000 square feet.
There is a single-family lot, located within 350 feet of my home, large enough to be subdivided under the current ordinance. If this rule is not amended, should I be concerned about my home’s value (currently assessed at $850,000) being affected by future development?
— Luann Tacke, Mendota Heights, Minn.
My Answer: Why do you ask whether you should be concerned? You’re obviously going to do everything you can to get the new law passed.
The lot near you, the one that could be sub-divided, is 350 feet away. 350 feet. That’s 100 yards. That’s a professional football field away.
Still, you’re worried.
You live in Mendota Heights, Minnesota, where the median income for a household in the city was $81,155, and the median income for a family was $93,544, in a house worth $850,000.
I guess as long as you’re set, you don’t care about anyone else.
Good luck to you and your wealthy neighbors.