California Property Laws: and they affect Multi-units!

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  • เผยแพร่เมื่อ 15 ก.ย. 2024
  • In this video I am talking about California housing laws that are in place and how they affect multi unit properties and their value.
    I am in front of a 6 unit property I had the honor of listing and I am discussing the fact that this property is essentially unable to be redeveloped which potentially could make this property more valuable to a buyer.
    The laws in place do not allow owners to reduce the numbers of units that are on a property. So for example, this property has to stay as a 6 unit property (the city wont allow for more and the state wont allow for less than what's currently there). In the past an owner of this property would have been able to tear it down and build just one big unit or house, or two larger town homes (allowed by city code) and the value of those finished homes would make the land value potentially much higher. It would also reduce density and parking which the state does not want, specifically the density.
    So there's a real stand off in these small beach towns. Especially already feeling extremely dense and crowded, in which the city would prefer less of that and the state that wants more. Where do you stand?
    Links:
    pacifica-prope...
    www.oconnorpro...
    / oconnorproperty

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