Astonishing news in this story about the prospect of even stricter development rules in Chapel Hill. Take a look at this excerpt from the News & Observer story about housing prices now. Emphasis is mine.
Over the past year, the average selling price of a house in Orange County was $316,418, about 25 percent higher than the average across the Triangle, according to the Raleigh Regional Association of Realtors.
At least one Chapel Hill business official, the executive director of the Chapel Hill/Carrboro Chamber of Commerce, understands what’s happening and is sounding an alarm, albeit a polite one.
“I think that there’s a relationship between additional regulation and the ultimate cost to the consumer,” Nelson said.
Of course there is. Regardless, there is a move underway to restrict development further, which means the price of housing will increase even more, and more people will be priced out of the market. What a shame, especially from folks who claim to be advocates of affordable housing. Go figure.
