Sunday, December 14, 2008

Affordable housing in Cheshire

At last week's Council meeting, there was a presentation on affordable housing in Cheshire and CT. Here's a writeup by the NHRs Luther Turmelle:

Interest by Connecticut communities in providing more affordable housing options may be gaining some traction, according to an official with a Hartford-based group.

Nearly 50 towns in the state have either applied for or received $50,000 in state money to study the creation of high-density housing zones that would include affordable units, said David Fink, policy and communication director for the Partnership for Strong Communities, a Hartford-based group focusing on housing options.

FWIW, based on my understanding of the housing market, prices will continue to drop through mid-2010. This is because the variable rate mortgages with those nasty balloon payments were issued until May 2007... and many balloons come after three years.

Tim White


Anonymous said...

If home prices are dropping , that is a clear signal that more homes are on the market than there is a demand for housing.

So what do the affordable housing people suggest? Build more housing?

"Affordable"...maybe, but this will only exacerbate the glut of housing and accelerate the decline in property values.

"Helicopter Housing" isn;t gonna work any better than "Helicopter Money".

Besides, the state is broke. Where are the subsidies gonna come from?

Anonymous said...

After W/S backs out of the North End due to the economy, the whole four quadrants can become affordable housing now that the regs have been changed. (Even though it's supposed to be "mixed", we all know the rules are bent to allow affordable housing.)

Anonymous said...

We all have Marty Coburn, Super Genius, to thank for that debacle

Breachway said...

I heard their may be between 8-10 million extra houses in the market than needed in USA

Anonymous said...

and Mr. Fink is paid to explain why we need to build more.

It's like a guy from Philip Morris arguing that cigarettes aren;t all that harmful

Anonymous said...

Why do we need 169 towns to study this? No wonder the state is in trouble.

The state's affordable rate is most likely higher than many houses are selling for and they will become cheaper as prices continue to fall.

We haven't seen anything yet, wait until the variable rate mortgages begin to reset.