I regularly hear about how we need to change zoning laws to allow for more apartments to be built in single family homes zoning areas. I understand what zoning in but I’m confused what the case is for the change to the zoning.
I absolutely agree that housing prices are absurd but wouldn’t building more apartments just put more money/control in landlords/investment companies? I hear all the time that buying property is the best way to generate wealth for your family and that’s not to mention you can’t get evicted from stupid reasons if it’s your own home. The same people who seem to push for changing zoning laws seem to be very vocal about how so many people are trapped in cycles that makes it difficult to escape poverty (I do agree with that)
So can anyone explain how building more apartments wouldn’t be a Faustian bargain in the long run?
Edit: Thanks for all the responses, replying here as there’s too many helpful comments. I felt like I was just not getting it but most answers seem to confirm what I suspected. I know in my city apartment=renting while Condo=owning (usually) a part of a shared wall home that has a smaller size than most SFHs.
I wonder if the zoning could be adjusted to encourage more ownership rather than incentivizing more rentals. Perhaps having SFH zoning be redefined as owner-occupied zoning so you could have more density but it couldn’t be used as a rental scheme. You could also make allowances for “smallish” businesses near the various major crossroads.
I would think this would be something that nimby’s would be more ok with since in my own experience I feel more invested in taking care of my house/neighborhood than I ever did in all the years I spent renting
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Allowing more construction of apartments can indeed be a Faustian bargain if what’s being constructed is market-rate housing without requirements for low-cost units. Without government intervention, construction companies will build whatever maximizes return on investment. That’s usually not affordable housing, it’s luxury apartments that do nothing to reduce home prices for the people who actually need help.
Density is important, yes, but it isn’t the end-all, be-all.
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