[Durham INC] With the speed of City Council approvals on new developement, there is a real possibility of this in Durham

Mon Oct 3 18:02:38 EDT 2022

There was at least one development that left the public to pay for their infrastructure in the last downturn.  I can't remember the name, but they left the later phases of their development in a mess.

I think the people moving to the Triangle gives us some "cushion" but how "cushy" it is will be a question.

________________________________
From: INC-list <inc-list-bounces at lists.deltaforce.net> on behalf of Stephen Knill <knillsj at gmail.com>
Sent: Monday, October 3, 2022 3:49 PM
To: Donald Lebkes <dll30sjl at gmail.com>
Cc: inc-list at lists.deltaforce.net <inc-list at lists.deltaforce.net>
Subject: Re: [Durham INC] With the speed of City Council approvals on new developement, there is a real possibility of this in Durham

I don’t know about the issues of the past having only been here for 4 years. Right now, developers do some infrastructure work adjacent to their footprint.( bike lanes, turning lanes, sidewalks etc.)

Beyond that it’s a case by case basis and can’t be required of them by the City. In SE Durham they have paid for stoplights and road widenings on occasion.  In the past 2 years, City Council has looked favorably on proffer money for the affordable housing fund, for the schools and now increasingly actual affordable housing units in the developments as proposal elements they’d like to see in consideration of Approval. We have actually asked for an accounting of where the AF proffer money has gone and have bene told it just ends up in that general ledger. (The money is really insignificant in relation to the need.) {Perhaps CC needs to ask for a financial stress test on all developers when they consider whether to approve the project or not. That would be interesting.

Stephen Knill

knillsj at gmail.com<mailto:knillsj at gmail.com>

+(917) 620-4941

From: Donald Lebkes <dll30sjl at gmail.com>
Date: Monday, October 3, 2022 at 3:36 PM
To: Stephen Knill <knillsj at gmail.com>
Cc: "inc-list at lists.deltaforce.net" <inc-list at lists.deltaforce.net>
Subject: Re: [Durham INC] With the speed of City Council approvals on new developement, there is a real possibility of this in Durham

Hi

Didn’t we have a problem years ago where developers began to develop the area and not compete the roads, curbs and sidewalks etc.  The developers had to put aside so much money, when they applied for the development.   Then they went out if business and there was no funds left.  The residence and City had to pay for those improvements.

I think there is something in place to prevent that now, but with the cost of improvements I hope the City and County have  increase those funds.

Don

On Oct 3, 2022, at 10:53 AM, Stephen Knill <knillsj at gmail.com<mailto:knillsj at gmail.com>> wrote:

Ii SE Durham, CC has approved over 6000 new homes with 2200 more in the queue. Half or more are townhomes. If interest rates continue to climb, the individual buyers they expect to attract may sit on the sidelines. Most of these are national builders so getting a big investment group to purchase a whole development eliminating the builders sales costs etc. could be very attractive to both parties.   And when the market comes back, they could sell off individual homes again. In Phoenix, 32% of new home purchase are now going to investors. It can happen here.

Stephen Knill

knillsj at gmail.com<mailto:knillsj at gmail.com>

+(917) 620-4941

From: RICHARD FORD <rbford at aol.com<mailto:rbford at aol.com>>
Date: Monday, October 3, 2022 at 10:33 AM
To: Mimi Kessler <mimikessler1 at gmail.com<mailto:mimikessler1 at gmail.com>>, <knillsj at gmail.com<mailto:knillsj at gmail.com>>
Cc: Inc <inc-list at lists.deltaforce.net<mailto:inc-list at lists.deltaforce.net>>
Subject: Re: [Durham INC] With the speed of City Council approvals on new developement, there is a real possibility of this in Durham

Durham may not be immune from the national trend that investors will buy properties at a discount and that individuals looking for housing may not be able to complete with them.

Mortgage rates have doubled which will effect individual home buyers. How will more rental houses affect Durham??

Home ownership as a primary wealth builder may be further out of reach for many.

Dick Ford

On Oct 3, 2022, at 9:55 AM, Mimi Kessler <mimikessler1 at gmail.com<mailto:mimikessler1 at gmail.com>> wrote:

I would be very surprised if that is happening around here. While demand has slowed some, there are plenty of investors (from here and elsewhere) who are still buying.

Mimi Kessler
919-599-2892

On Mon, Oct 3, 2022 at 7:46 AM Stephen Knill <knillsj at gmail.com<mailto:knillsj at gmail.com>> wrote:

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