When the Real Estate Downturn Persists – You Best Be Vested

Isn’t it ironic that when the red-hot residential development market cools off, the time-delayed local angst against rapid development – - reflected in local anti-development ballot measures – - quickly heats up! This action/reaction phenomenon has existed in California for at least the last three decades. So what do you do when the market cools while the regulatory landscape becomes potentially more hostile? Vest into laws that support your project until the market returns!

Imagine the approval of a 1,500-unit residential subdivision in the Fall of 2007. In the Spring of 2008, while the subdivider is satisfying conditions of approval and perhaps waiting to see if Summer will bring an improved market, local voters approve an anti-residential growth ballot measure that would prohibit or drastically impair the project. The only way the subdivider could avoid this death knell would be to have secured a “vested right” to those local land use regulations in place before the new prohibitory regulations became law.

Please see full article below for more information.

LOADING PDF: If there are any problems, click here to download the file.


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Allen Matkins Leck Gamble Mallory & Natsis LLP | Attorney Advertising

Written by:

more+
less-

Allen Matkins Leck Gamble Mallory & Natsis LLP on:

JD Supra Readers' Choice 2016 Awards
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×
Loading...
×
×