(You can view a larger, full-screen map here.)
Last post I discussed how 25% of single and double-unit homes in Burlington are investment rental properties, making it harder for lower-income people to live and thrive in Burlington. While I mentioned that zoning plays a role in this, albeit a limited one, today I wanted to show how those with money and wealth, including Mayor Weinberger, are the ultimate NIMBYs, working to make sure that there are limited opportunities for new or different residents to move into their neighborhoods, while aggressively pushing denser development in other neighborhoods.
I have mapped all 670+ single-family mansions and luxury condos worth over $500,000*. Of these 670 homes, 120 (18%) are second homes. These homes make up the top 10% wealthiest single-unit homes in the city, making them the wealthiest 4% (by home value) residents in the city. Combined wealth is $465 million.
If we decided to create a luxury housing/mansion tax in the city on these homes, depending on our pricing scheme, which I will write about in a later post, (yearly flat home value tax of .1% (one tenth of one percent), flat tax of .5% (half of one percent), we could be raising anywhere from $500,000 to $2,500,000 A YEAR for low-income housing, which is a helluva lot more than we are doing now as a city.
What you will quickly notice is that the vast majority of wealthy homes, 94%, exist in only 4 spaces throughout the city. They are either in the south end on the hill section with nice lake views (Tracts 39-1 and 39-2), in the south end by the water (Tracts 10-2, and 11-2 ), downtown in luxury condos (Tract 10-1 ) or in the New North End by the water (Tract 2-3 without Rockpoint). These areas have some of the lowest population densities in the city, and if we tracked population by street or neighborhood I’m certain these numbers would be even lower.
Except for the luxury condos downtown, almost every mansion/luxury condo was built in areas that are zoned for low-residential density. In fact, our own Mayor Weinberger, a strong proponent of ‘in-fill’ development and ‘denser development by building up’ lives in one of these mansions on the hill, where he is protected by zoning from every worrying about losing his perfect lake view, from ever worrying about traffic, noise, pollution, trash, or any of the other issues that come with actual city living.
The ultimate NIMBYs aren’t small homeowners or renters concerned about the negative effects of gentrification, but rather the wealthiest 10% of homeowners who live in low-density neighborhoods, and who regularly vote for and advocate for, zoning that keeps their neighborhoods with few people and large homes, while pushing density to poorer neighborhoods that are already quite dense, like the Old North End.
*For data purposes, I included all housing that either had a recent sale price of over $500,000 or a home assessed at over $450,000 (homes are generally assessed at less than 90% of value).