Margate looking to hatch a plan for attracting more year-round residents. If the Mayor and his planning board fail, more Margate businesses could be hurt and potentially close. That’s the warning coming from the city leadership.
Margate leadership tasked with offering more affordable housing.
Fix the problem or else we’ll all have fewer places to shop and eat. Shuttered shops could make full-time residency much less attractive, too.
One way to attract young families to Margate is to help them financially. That’s according to a recent Margate Planning Board meeting.
Listen to clips from Margate Planning Board and Director Rich Patterson:
Another way to encourage home ownership: greater housing density. This would, theoretically, lower housing prices by increasing residential inventory.
Higher density neighborhoods may be necessary said Margate’s esteemed zoning officer, Roger McLarnon.
McLarnon says higher density would drive down cost of purchasing a Margate home.
Potential neighborhoods that might be feasible: area between Amherst and the bay, and between Argyle and Essex Ave. It’s an older stock of nice, single-family homes.
Rich Patterson: No normal family can afford new construction in Margate.
Semi-cryptic, awkward chatter. Crafting a scheme to boost full-time residency. Margate Planning Board is a bit baffled. That’s why they’re gonna cut a check to the main man of master plans, Jim Rutala.
Serious decline in Margate school enrollment. Now less than 350 students, total, split between 2 half-empty schools.
Impending school consolidation. Diversity mandates. Declining full-time residency. Uncomfortable topics being discussed in Margate.
With an average home price of $750,000, young families are just not moving here. Mayor Becker and his school board struggling to defend expenses related to Margate’s two half-empty schools.
Margate losing full-time residents at a faster clip. A declining year-round population, says Margate Planning Board Chairman, Rich Patterson.
How can we make it more affordable to live in Margate? An official committee will be formed as an advisory to the planning board, or maybe the city itself.
Will Margate help subsidize initial cost of home ownership? Will Margate assist with down payments? ( listen to audio )
Typical mortgage guy pitch: How can Margate provide more affordable housing without lowering prices? Answer: show how to buy $150k more house in Margate, with the same monthly payment.
Is the Margate Planning Board suggesting a 40 yr mortgage loan? This hairy tactic could help a home buyer get into a Margate home they couldn’t otherwise afford. Reducing monthly payments and stretching it out over 40 yrs, rather than 30.
40 year loans are most popular where housing costs have exceeded a region’s growth rate of income.
- The 40 year loan appeals to first time buyers who hope to buy more home. The lower payment makes handling their first mortgage far more manageable.
- 40 year mortgage offers a fixed rate for a longer period of time. However some of the 40 year loan products are actually balloons, or 40 due in 30 year loans, which are amortized over 40 years but due and payable in 30 years.
Estimates suggest that up to 75% of Margate tax revenue comes from 2nd homeowners. This benevolent group of summer-only residents have virtually no input or voting rights within the city.
‘The committee will look at ways to make Margate more family friendly.’