> Particularly not when the people already living there tend to have the chance to be well-compensated by selling to developers if they want.
the developers have a significant amount of leverage in this situation. if they can build one large apartment building in a low-density sfh neighborhood, they can take a significant chunk of value off all the neighboring homes. if they can secure land to build several large buildings, they can seriously devalue these homes. when they start looking to buy property for the nth building, the homeowner isn't going to get anything close to the original value.
as a society, we should never have allowed this situation to happen in the first place, but now that we have, it's not going to be easy to solve. until you get to pretty high percentiles of wealth, homes tend to be a large fraction of a family's net worth. to suddenly remove the zoning would be a pretty big hit for these people; a lot of them could get upside-down on their mortgages.
the developers have a significant amount of leverage in this situation. if they can build one large apartment building in a low-density sfh neighborhood, they can take a significant chunk of value off all the neighboring homes. if they can secure land to build several large buildings, they can seriously devalue these homes. when they start looking to buy property for the nth building, the homeowner isn't going to get anything close to the original value.
as a society, we should never have allowed this situation to happen in the first place, but now that we have, it's not going to be easy to solve. until you get to pretty high percentiles of wealth, homes tend to be a large fraction of a family's net worth. to suddenly remove the zoning would be a pretty big hit for these people; a lot of them could get upside-down on their mortgages.