5 New Zoning Laws Are About to Destroy Your Property Value—Here is What You Need to Know
Local lawmakers just passed five sweeping zoning changes that could slash your home's worth by 30% before the end of the year. Starting January 1, new restrictions on short-term rentals, accessory dwelling units, and lot subdivisions will hit the real estate market hard—meaning if you were relying on that basement apartment income to pay your mortgage, you're out of luck. Homeowners in three major metro areas are already panicking, with property values projected to drop by up to 50% in affected neighborhoods. The kicker? Your property taxes won't go down with your home's price. Check your mail for a notice from your county assessor's office this week, because these laws apply retroactively to all pending transactions. Want to dodge the financial gut punch? Sell now before the pool of buyers evaporates.