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Originally Posted by Adder
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That is an interesting blog post and thanks for sharing. The third-to-last paragraph says:
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It’s probably true that the properties immediately abutting a six-story apartment lose value most of the time, even if new residents or the new building itself brings an amenity to the neighborhood and raises aggregate values. Zoning and small area plans as we’ve conceived them are basically a prisoner’s dilemma response to this reality.
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Sounds right. All else equal, the replacement of a single home with multiples residences almost certainly decreases the value of other neighboring homes, in the Econ 101 sense that aggregate demand is unaffected and aggregate supply has increased.
I would rather live in a denser neighborhood, because it will support a greater diversity of stores and restaurants and services. But lots of people in the suburbs really value all those lawns.
