Edina Launches Program to Save Affordable Homes from Teardown
Since 2008, nearly 1,000 Edina homes have been demolished and replaced by larger, more expensive homes. This accounts for roughly 8% of the City’s single-family homes. The average value of the homes that have been torn down sits at $421,420, while the average value of the homes that replace these tear downs is $1,165,786.
Residents of Edina have had concerns about skyrocketing home prices in the City for a number of years, and now the City has decided to take action. The City of Edina partnered with West Hennepin Affordable Housing Land Trust in order to launch a program that protects a limited number of affordable homes. The City will make funds available to purchase a number of houses in order to assure they are not torn down and rebuilt.
The City’s program is not a moratorium on teardowns, and no one is required to sell their home to the City for this program. The City says its hope is just to provide families living in these affordable homes with a choice. The City also hopes to ensure it is filled with more than just million dollar homes.
According to the City, the cutoff value for eligibility for this program is $425,000. Homes in this price point are also the most likely to be purchased by builders for teardowns.