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8.A. - Page 54 of 85 <br />The proposed size restrictions also have a costly negative affect as follows: <br />1. Seniors who live in Redwood City in small homes, and there are many in Mount Carmel and other areas. <br />will see their property values decrease. A two bedroom one bath, 1200 s/f home on a 6500 s/f lot is worth <br />about $1,300,000 on the open market. It's worth about $1,500,000 to developers. I have clients in small <br />homes looking to sell and they are very concerned about the impact on their property values because of these <br />proposed restrictions. <br />2. A lower FAR will increase construction costs and increase home prices. Forcing a developer to build a <br />basement increases the cost of building tremendously. Adding a second story is far less expensive than adding <br />a basement. Palo Alto has more homes with basements than any city on the Peninsula. They also have some <br />of the highest real estate prices in the world. <br />3. A lower FAR discourages telecommuting. Would you rather have more people working from home or <br />driving in their cars. With telecommuting becoming more common many home buyers are looking for homes <br />that include some sort of home office and/or additional bedroom. People work more and more from home and <br />require a separate office. They don't won't to take calls and do their work in the kitchen or dining room. This <br />requires a Iarger home. <br />4. A lower FAR discourages families with extended family members living with them to move to Redwood <br />City. With the population aging many people are looking after their parents and in many cases having their <br />parents live with them. The cost of assisted living and retirement care on the Peninsula is among the highest in <br />the country. I have many clients who help take care of older parents. Their requirements include a ground <br />floor bedroom and bathroom. This requires building a larger home to accommodate larger families, including <br />parents. ADUs do not work always work as most people want everyone under the same roof. <br />I have lived in Redwood City for 25 years. The city is more vibrant and diverse than ever. Change is difficult <br />but in general most of the changes (except traffic perhaps) in Redwood City have been positive and made this a <br />better place to live. The demographics in Redwood City are changing and with that we need to alter the way <br />we think of living including housing and working. I would encourage you to take a thoughtful approach to <br />these proposed restrictions taking into consideration the needs of all of our residents not just today but in the <br />future. <br />Thank you for your consideration and please feel free to reach out to me with any questions. <br />Regards, <br />Jim <br />330 <br />