Sizing Up Likely Winners and Losers
With the dust literally still settling on the Minneapolis City Council’s March 7 decision to temporarily halt teardowns, it’s premature to sort out all the consequences.
–Buyers and Sellers currently under contract for teardown homes in Minneapolis;
–Prospective Minneapolis teardown Sellers;
–Minneapolis-focused builders and contractors;
–Minneapolis property taxpayers, i.e., current homeowners (big new homes generate more taxes, easing the burden on everyone else).
–Teardown Sellers in adjacent communities (Edina, St. Louis Park, Golden Valley);
–Owners of Minneapolis homes that need substantial updating or remodeling.
Why that last one?
Because with teardowns off the table, remodeling an existing home is the only game in town (make that, “in Minneapolis”).