Today the San Mateo Daily Journal published an article regarding new housing in Downtown Burlingame.
When I saw the headline, two issues came to mind immediately, parking and traffic (if you have spent any time in Burlingame, you know about our parking issues in the downtown area).
If the city doesn't add more parking with new housing, we might have to start parking our cars like this!
According to the article. the plan is to actually double the amount of downtown parking that the exisiting lots where the new housing would be built - a good thing!
The article did not really address traffic issues. However, these are very preliminary plans. I know the residents of Burlingame will be very tuned in and vocal about these issues to our city council!
One intriguing point noted was that some or all of the units built would be a lease with an option to buy. From a "mortgage guy" standpoint I know that there are a lot of requirements that need to be followed if the intention is for the potential buyer to get a loan from a bank. I hope the council and developer consults with someone about what these requirements are before they roll out this option for potential occupants of the new housing.
On the surface, this proposal sounds "intriguing". However, what are some of the unintended consequences of new housing in the downtown area of Burlingame?
Also, who would be eligible to occupy these units? Who decides, and what is the criteria? Personally, I would hope that if there is criteria (rather than first come, first serve), that one criteria is that the occupant must have some sort of "tie" to Burlingame; grew up here, lives here, works here, etc.
What do you think? What might be some of the unintended consequences? What should the criteria be to decide who gets to live in these units?
Phil Caulfield NMLS #386911 APMC #1850 has been helping people obtain mortgages since 1985. The views, articles, postings, and information listed at this website are personal and do not necessarily represent the opinion or the position of American Pacific Mortgage Corporation."