On Friday, March 7, 2014, the Minneapolis City Council voted to enact a moratorium on residential redevelopment in the Armatage, Fulton, Kenny, Linden Hills, and Lynnhurst neighborhoods. The ordinance was made effective immediately and prohibits the demolition, new construction, or establishment of single family and two-family residences in these neighborhoods for one year to enable the Department of Community Planning and Economic Development to more carefully examine the city’s building regulations.
This action stems from concerns that homes are rapidly being demolished and new, often larger, structures are being put up that don’t fit in with the neighborhood. Unfortunately, neither the housing industry nor the public was invited to discuss any issues of concern leading up to this moratorium vote. A public hearing will be held on Thursday, March 20, 2014 by the City’s Zoning and Planning Committee at 9:30 am. If you are a resident of one of these neighborhoods, I encourage you to attend and make your concerns known!
There are many who believe that this moratorium will be incredibly damaging to the overall housing market, and, as a Realtor, I can see the potential for negative consequences for both buyers and sellers. If you are thinking of buying or selling in one of these neighborhoods, it is important for you to understand how this may affect your property rights and the marketability and market value of your home. Call me, and I would be happy to assess your home, discuss your unique situation, and share ideas for helping you meet your real estate goals despite the new challenges this moratorium raises.
