Number of millenials purchasing multi-family units dropped from 7% in 2014 to just 3% in 2015
February 26, 2017-While Congressman Visclosky and State Representative Hal Slager have joined forces to force a radical transformation of Northwest Indiana into an extension of Chicago with urban style densely packed housing, the National Association of Realtors reports that is not what millennials are purchasing. While proponents push the narrative that millennials want to live in high rise apartments and condominiums, those who track home purchases report that only 3 percent of millennials who purchased homes chose a multi-family home. “A combined 3 percent of millennial buyers bought an apartment, condo or duplex in a building with two or more units (7 percent a year ago).”
Visclosky’s Northwest Indiana Regional Development Authority (RDA) plans to spend at least $400M on mixed-use, multi-family housing throughout Northwest Indiana according to their 2016 Comprehensive Strategic Plan (http://www.in.gov/rda/files/RDA_Compr_hensive_Strategic_Plan.pdf). In total, the plan will cost over $5B according to the documents provided by Visclosky’s RDA. In furtherance of that goal, Representative Slager, introduced House Bill 1144 which would capture all increases in property tax, sales tax, local income tax and state income tax within “transit development districts” for thirty years. That money would then be provided to Visclosky’s RDA which could spend the money in the districts for transit oriented development Local Representatives Mara Candelaria-Reardon, Earl Harris and Julie Olthoff signed on to the bill as co-authors. Local residents would have little say in Visclosky’s RDA plans as funding would be provided for those items outlined in the comprehensive strategic plan. Architect Doug Farr, a key player in the plan, has stated that suburbs were a “crazy period of about 50 years where we had more money than cents .. .and we wish we hadn’t done” and we are trying to out “how you fix these places. Bad decision, urbanism is the only game.” Please watch the video below.