Let’s talk numbers.
According to the city’s Neighborhood Office, 4,200 notices were sent out regarding the TCU overlay.
Multifamily investors unhappy with the city’s plan represent 300 of these notices. Let’s say that 900 commercial entities are represented. That leaves an estimated 3,000 single-family residences.
Now let’s use a very conservative estimate of $180,000 for the average property value of these residences. That’s a collective value of $540 million. Why does the will of 3,000 residents with more than half a billion dollars in property value matter less than that of 300 investors?
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Moreover, why is the TCU overlay area designated as a Neighborhood Empowerment Zone (NEZ)? Readers can find criteria and locations of other NEZs on the city website. The TCU overlay area is certainly not my idea of the best location for investing hard-earned tax dollars.
The multifamily investors complain that the city has broken their trust. What about the trust of 3,000 residents who count on the city to maintain the quality of life in our neighborhoods?
— Cynthia Q. Boyd, Fort Worth