Propmodo Daily

By Franco Faraudo · Mar. 29, 2024

Greetings!

The push for new development and the desire to upgrade historic buildings often clash head-on with well-intentioned, but overly restrictive preservation laws. These laws can create gridlock, leaving buildings vacant and stifling progress. Now, a surprising alliance of conservatives and liberals is emerging as they work to challenge these laws and find a middle ground that balances protecting heritage with fostering economic revitalization.

Economic pressures and changing family needs are driving more Americans toward shared multigenerational living arrangements. The real estate industry is starting to respond, but are new home designs and zoning changes enough to accommodate this growing trend?

Looking for the latest in lighting innovation? This week on Propmodo Technology, we're exploring circadian lighting, designed to boost wellness in the workplace by mimicking natural light patterns. Plus, learn how networked LED systems can save energy and create better work environments.

Now, let's dig in!

Historic Building Preservation Laws Face Bipartisan Scrutiny

Architecture is an important piece of our cultural heritage. Older buildings help connect us with the past. Plus, since architectural adornments were more common in other eras, older buildings often add beauty and character that can be lacking in newly developed areas. But, protecting older buildings and unique architecture comes at a cost. Development can be stifled by preservation efforts. In some cases, architectural preservation laws can be so strict that they deter buyers, causing buildings to sit vacant.

A recent example from Montreal City is a historic home that remained vacant for a decade after being listed for a mere $1. Renovation costs to meet preservation code while fixing the building are estimated to be over $5 million. Situations like this have prompted cities around the country to rethink their architectural preservation laws. There's even a bipartisan movement towards revising historic building protection strategies. Cities and states with both Democratic and Republican leadership have begun to explore ways to balance preservation with economic considerations.

YIMBYs in cities like San Diego have already proposed loosening historic preservation rules in order to spur the much needed development of housing in the area. At the same time, Republican states like Florida have adopted a law that allows owners to demolish buildings in high-risk coastal flood zones if local officials deem the structures unsafe.

The opposition to changing preservation laws created by either Democrats or Republicans always decry a familiar enemy: developers. It turns out that the only thing that people dislike worse than the opposition party is the people who build their city. As more cities look for ways to bring down housing costs they will have to come to terms with the tradeoffs that are made to preserve older buildings. They will also have to deal with the inevitable protests that come when someones favorite building is knocked down for the profit of a “greedy developer.”

Housing

Insider Insights

Overheard

Popular Articles

Propmodo Technology: Lighting

More Upcoming Propmodo Technology Deep-Dives:

 🏠️ Multifamily Development
 🏢 Asset & Investment Management
 🪞 Digital Twin
 🛗 Vertical Transportation
 🛍️ Retail Real Estate Analytics

Interested in collaborating on one of these topics to reach over 70,000 commercial real estate professionals? Email [email protected]

Are You Enjoying This Newsletter?

Propmodo Daily is written and edited by Franco Faraudo with contributions from readers like you and the Propmodo team.

📧 Forward it to a friend and suggest they check it out.

🔗 Share a link to this post on social media.

🗣 Have ideas for future topics (or just want to say hello)? Share your feedback and tips at [email protected] or connect with us on X through @propmodo.

✅ Not subscribed yet? Sign up for this newsletter here.

📫️ Please add our newsletter email, [email protected], to your contacts to make sure you don’t miss any updates.

Explore Propmodo

• Read exclusive articles about a variety of topics, including Real Estate, Workplace, Buildings, and Development.

• Browse our collection of interactive Propmodo Research e-books.

• Sign up for upcoming Propmodo Live Webinars or watch past Propmodo Live videos on-demand.

• Dive into Propmodo Technology articles, podcasts, and short videos about the future of commercial real estate.

Enjoy reading about trends and innovation in commercial real estate? Subscribe to Propmodo.com for unrestricted access to reliable, data-driven journalism and exclusive insights available only to subscribers.

Interested in sponsoring this newsletter? Email [email protected]