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Old Posted Jan 21, 2011, 4:59 PM
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Radley77 Radley77 is offline
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Join Date: Sep 2008
Location: Bridgeland, Calgary
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Quote:
Originally Posted by MichaelS View Post
You are missing my point entirely. It is not the "political weight" that wealth allegedly gets, it is the pure economics of land value to the residents who live there.

I will try to use another analogy to make my point again. Assuming Bill Gates lives on a large estate property for this one. If I went to him and offered him $10 million for it, so I could turn it into a high density urban village, he would tell me to get off his property before he unleashed the hounds. It is not worth it to him to sell his land for that much money. Any more than $10 million, and my development wouldn't make a profit, so I can't offer him more. If I were to offer him $10 billion, we might be talking. But the only way I could do that would be if the land value (read, market value, read enough people would want to live in that location) would justify my spending $10 billion on land acquisition, then project development, then sales, to still make a reasonable profit.

Abosuletely nothing to do with politics. Pure market forces. Until the land becomes valuable enough that the current owners find it worth upzoning, it won't happen.
Very astute comments, I think it is alot about market churn that allows for revitalization and densification to happen. Communities that are overly successful don't redevelop, and neither do communities in decay. Moreover, I think a lot of it depends on having a sufficient stock of housing that is in need of major repairs or dilapidated. For the most part, this area has always had it's housing stock well cared for.


Another factor may be that housing in Mount Royal is in general larger square footage than other inner city housing stock. This leaves with less opportunity for people that want a larger house to upsize. i.e. My grandparents lived in Sunnyside before I was born, but left for the edge of the city so that they could have a larger house when my mom was born. As a result of Mount Royal's larger square footage houses, there wouldn't be the same need to migrate to the outskirts. This would result in a greater propensity to reinvest in the existing housing stock.
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