To the Editor:
I would not be against increasing town wide housing density if it would make Princeton housing truly affordable. Princeton has approximately 7,570 detached single-family homes, 10,596 units if you include attached single-family homes. Mercer County has about 72,000 or 102,271 including attached. The median detached single-family home price in Princeton is just over $1 million, in Mercer County about $420,000. The Princeton housing market is a small percentage of the county market and commands pricing that is 2½ times the county. Princeton is an “Ultra-premium tier” real estate market.
Simply adding supply in a highly desirable area will not reduce prices and will not guarantee affordability. Princeton will not be able to build its way out of what is a nationwide housing affordability crisis. The people that are telling us that increasing housing density will magically bring the American dream to all in Princeton are offering a false promise. The town planners and Council have already baked this magical thinking into the Master Plan and soon a new zoning code. Already a liberalized ADU code allows ADUs to be sold separately in a condominium-type arrangement. Many have already been built and sold. In 2021 — $849,000 for a 1,400 square foot two-bedroom ADU! Is that for the missing middle that we hear so much about?
The rental market is little different. Princeton has added over 1,500 new apartment units in the last 10 years, yet the median one-bedroom monthly rent has increased to $2,751. Mercer county — $2,250. Housing prices overall have not lowered. Developers are cashing in and affordability is still out of reach.
We are not getting the affordable housing that most of us would like, but we are already paying more for the increase in housing density. Expanded municipal services, bigger government, larger schools, more congestion, increased property taxes, and if you happen to be next door to the next ADU development — less open space and less light and air for you in your backyard. We all must decide for ourselves if this false promise of affordability in Princeton is worth it.