Wednesday, April 12, 2017

Real Estate Idiocy Never Ends in Albuquerque

Albuquerque's South Valley:
Instead of disproving the need for more retail, the presence of the new Walmart justified the zone change. The different jurisdictions were a factor in approval too. Walmart is in the City of Albuquerque and Las Estancias remains in the unincorporated county. The county has pushed to urbanize and has a tendency to compete for new development. This benefits development but its hard to see what race-to-the-bottom overbuilding does for anyone else.

Unless you’re a real estate broker, of course – or one of the “competitors vying for business space and a piece of the retail action.” But surely not all small businesses enjoy the prospect of jockeying around the real estate market for the lowest rent in the next half-baked shopping center. It’s sure a piss poor way to try and anticipate what public services are needed and where. You can’t manage what you don’t measure.

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