HomeMy WebLinkAbout10-02-23 Public Comment - T. Coletta - Hedge Funds purchasing local real estate...the real housing affordability problemFrom:Tiffany Coletta
To:Agenda
Subject:[EXTERNAL]Hedge Funds purchasing local real estate...the real housing affordability problem
Date:Sunday, October 1, 2023 11:00:37 AM
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Dear Bozeman City Commission and Planning Board members,
I'd like to ask the Bozeman City commission members to investigate how many hedge
fund investors have recently been and currently involved in purchasing the Bozeman
area housing supply as well as are these same hedge fund investors actively funding
high-priced real estate development in the Gallatin Valley? As a long-time business
owner here in Bozeman who sees our well-paid professional staff members struggling
to purchase or rent housing for their families, this is our highest recruiting andretention issue impacting our medical service practice.
If the effort of the Commission is to foster more affordable housing, one should be
looking at ALL the factors that are making the biggest impact on real estate valuationsthat are limiting affordability. Stopping Type 3 short-term rentals could be a small drop
in the pan when compared to what could be happening from hedge fund investors
limiting supply to first time or the average home buyer. Also, changing zoning rules
also seems like it would not impact housing prices as much as hedge fund investorsforcibly limiting supply and consequently driving housing prices up.
For reference, please read today's article in the Bozeman Chronicle on this issue. Why does Wall Street want to buy houses?
by PATRICK BLENNERHASSETT
Las Vegas Review-Journal (TNS)
https://bozemandailychronicle-mt.newsmemory.com?
selDate=20230930&goTo=D04
I'd love to hear more leadership on this topic from the Commission. It seems there
could be more options available to city, county and state legislatures rather than
limiting current individual property owner rights for renting out their home or zoning
changes when perhaps the biggest culprits have been the Wall Street hedge fundinvestors all along. I'm not one for regulation typically but this seems just like common
sense focus here to give the average individual home purchaser a chance to compete
more fairly in the Bozeman area housing market.
Sincerely,Tiffany Coletta
4404 Morning Sun Drive,
Bozeman, MT 59715
----- Forwarded Message -----
From: Tiffany Coletta <tiffanycoletta@yahoo.com>
To: agenda@bozeman.net <agenda@bozeman.net>
Sent: Wednesday, September 27, 2023 at 10:25:51 AM MDT
Subject: Vote no on R1, R2, and R3 zoning to be combined into RA - Feedback
Dear Bozeman City Commission and Planning Board members,
Please DO NOT vote to consolidate the current zoning protections that exist in the
Bozeman code to allow R1, R2 and R3 zoning areas to be combined into RA. This
action completely negates existing Bozeman property owners rights, choices and
purchase agreements and does not help to impact the housing affordability issue inany way.
When I first moved to Bozeman over twenty-three years ago, I noticed that there were
many ways to live in Bozeman. You could live outside town a few miles and enjoy bigviews of mountains; live downtown and be close to schools, restaurants and grocery
shopping; or live just out of town a bit and get a blend of both benefits...views and
proximity to frequented town destinations.
There were pro's and con's to each choice on where to live and I got to make that
choice as a property owner and resident based on my preferences and values. Each
location had its own expectations and outcomes based on the zoning allowed.
Zoning was the foundation of each of those living area choices. Please preserve the
existing zoning rules that have allowed Bozeman to be thoughtfully created over
decades by leaders and residents. Please preserve the agreements that the city has
made with existing property owners' private property purchase contracts and choicesthat have been entered into based on careful decisions for each property owner. To
lump R1, R2 and R3 zoning into a RA pot, creates chaos and unintended outcomes
that zero out the character that Bozeman living communities offer to all.
I appreciate the city commission trying to address and offset the affordability crisis
that is happening here and all over the US. Changing the current zoning protections
that exist in the Bozeman code to allow R1, R2 and R3 zoning to be combined into
RA will not change one thing about the housing affordability issue. Doing this wouldbe expanding the problems of affordable housing and playing into the hands of
developers who want more land options to build more million dollar townhomes and
condos.
Respectfully,
Tiffany Coletta
4404 Morning Sun Drive,
Bozeman, MT 59715Resident of Bozeman for over 23 years