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tjrileywisc t1_jd7xs46 wrote

Reply to comment by heavyiron382 in They’ve Been Warned: Attorney General Says Suburbs ‘Must Comply’ With Transit-Oriented Housing Law by psychothumbs

I just can't see a developer selecting a 100 acre plot of land unless there is enough around to justify sufficient demand to make the investment worthwhile. If it's a farm near or surrounded by a city, that would be snatched up, but I'm guessing this situation is pretty rare in the first place.

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heavyiron382 t1_jd7zfp7 wrote

You would think it's rare but it's happening and has happened in my town. Luckily not the 100+ acre farms mainly due to the farmers not wanting to sell. But we had 2) 50 acre farms sell and put up 400 unit complexes that burdened the town and didn't add the needed tax revenue to support them.

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three-ple t1_jd9dcya wrote

Why did they not add to the tax revenue? How was the town burdened by the new units? 400 should add substantial tax revenue.

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heavyiron382 t1_jd9fez3 wrote

Apartment complexes aren't taxed per unit. They are taxed based on overall property value. So your 400 unit property may be valued at say 50 million but those same 400 units as single households average in my town are 400k each have a tax value of over 160 million. Simple math and economic knowledge shows how there is less income and larger municipal strain with housing complexes.

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