Archive: Opinions

I am writing in support of Park Grove Realty's request for a zoning change on Bomax Drive. I would also like to put my two cents in on housing in general in Tompkins County.

My real estate experience goes back 32 years in both sales and property management. I think the proposed 140 unit complex has a well thought out plan. If the impeccable reputation of Tom Lavigne is associated with it too, then I'm all for it. We desperately need ALL types of housing here. Yes, there is a need for affordable housing and the development of new higher priced housing will help this need. Yes, that is what I said, we need the more expensive units as well as the more affordable homes. There is a large demand for the type of housing proposed by Park Grove due to the fact that this area attracts a significant amount of rich people. Especially a large percentage of Cornell people coming from more affluent areas of the country.

It is amazing when I talk to these folks how appalled they are by the quality of housing here. They are used to the type of housing Park Grove is proposing. There is great evidence to support this. Just look at the new Solar apartments in the Village Circle up off warren Rd. These apartment have been a great addition to our community and are very popular.

How will the development of higher end apartments make housing more affordable? It truly is the trickle down effect, as newer more desirable housing is produced, tenants from the older stock of housing who are paying these high rents already move into the newer stock. Eventually to compete the older housing goes down in price. There is a great deal of evidence to support this in Collegetown already.

The new housing is having an effect as we speak, as I know many Landlords who have lowered their rents this year there. It is a simple manner of supply and demand. The demand is there, we just need to dramatically increase the supply. I am confident that this will happen, to quote one of my favorite movies (Field of Dreams), "If you build it they will come"

Unfortunately, there is so much resistance and regulation in this County that I doubt there will be dramatic change made. Nobody wants it in their back yard and I would venture to say there is downright hatred of developers here. I don't know if people are aware of how expensive it is to develop something here. That is a major reason for the higher cost of housing too. More housing will hopefully increase the tax base and theoretically this should be passed on to property owners. So, if you want more affordable housing make it easier to build and "they will come".

Joe Giordano
Ithaca
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