Is down-zoning something you offer?
I would imagine this is more common in and near cities than in other areas but I know a few places around here (real estate agent companies) that do offer this service and I wasn't entire sure why. Can someone explain this to me and whether or not it is a service you or the company you work for provides?
3 answers
I don't work for an agency and have only sold two homes. I will be honest, I never even heard of down-zoning. I looked it up and it would appear that this is not something people do in my area. It is an older practice that only certain areas offer.
If the City simply wants to change the zoning to a more restrictive use, California law provides that unless the change in zoning results in a regulatory taking or deprives the owner of a vested right, the property owner is not entitled to compensation. In other words, the owner is not entitled to compensation unless (1) the new zoning designation results in a loss of substantially all economically viable uses of the property, or (2) the owner has done substantial work or expended large sums of money in good faith reliance on a development permit.