Fund 3 investors know we’re in the process of adding a second story with two units to a duplex we bought a few months ago.
This is a pretty straight-forward operation: There is plenty of room on the lot and the zoning allows for more than two additional units.
This should be the kind of project the city loves; we’re adding housing to an area in desperate need of it.
With that in mind, I think you’ll appreciate the comments we got back from the city on our proposed plans.
Among other, less annoying changes, the city is requiring us to include a 30 sq. ft. recycling room in the property.
30 sq. ft. doesn’t sound like a lot, right? But development is a game of inches, and losing that space would probably reduce the bedroom count on one of our units from three to two, which would reduce the rent on the unit and therefore make the project less appealing from a financial perspective.
Thankfully, I believe we will find a way around this issue.
But, at a time when the city is suffering from a persistent, severe housing shortage, PERHAPS THE CITY SHOULD PRIORITIZE ADDITIONAL HOUSING OVER RECYCLING ROOMS!!!