Three big bills advance tonight in Metro Council meeting

One Touch Make Ready passed the second reading tonight on a 32-7 voice vote.  It’s still up for a third (and final) reading before it heads to the the Mayor’s desk.  The bill, pushed by Google Fiber, would allow new companies move other companies’ data lines out of the way on telephone poles.

The marijuana decriminalization bill also passed its second reading tonight.  The bill would reduce the penalty (at the discretion of the police officer) for getting caught with up to a half ounce of pot (which the police chief said is still a lot of joints for one person) to $50 or 10 hours of community service, down from a misdemeanor.

And finally, the inclusionary zoning bill passed its final vote tonight.  The proposed law would require developers requesting special entitlements to also include a certain number of affordable housing units in their developments.

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Cautionary tale: get the keys when you close on your new home

A Nashville woman closed on her new home on June 1, but she had a little trouble moving in: the previous owner wouldn’t vacate the property.  And there was no amendment to the sale saying that he could stay there.

“What’s the problem?,” he asked of a WKRN reporter.  Apparently he doesn’t understand that he no longer owns the house he just sold.

Tonight, WKRN is reporting that Justin McCrory, the man who pirated the new owner’s house, has now handed over the keys to the house.

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Condo Development Slowing Down

Nashville has been the it city since The New York Times declared it so in 2013.  People have been moving here in droves.  As housing stock became scarce, developers responded to that need by building a huge number of new condo and apartment buildings (not to mention single-family homes).

But now, the Nashville Post reports, that demand is slowing down:

Since the start of this year, the Post has talked to upwards of 20 developers, investors and commercial real estate brokers regarding the topic. All said signs point to a cooling of sorts. Two sources said that, while development should remain rather robust the next few years, they are aware of multiple banks that no longer will consider loans for large-scale projects in Nashville.

Many of the new projects under development will be ready for occupancy in 2017.  Some developers are sitting on the sidelines waiting to see how hot demand is going to be for those new projects at that time.  “My guess is the market will shift over the next six to 12 months from a landlord’s market to a renter’s market. Renters will have more leverage,” John Tirrill of SWH Residential Partners told the Nashville Post.

This slow-down does not affect smaller residential projects, however, and development of office space will remain hot.

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