Letter to Town Board: VOTE AGAINST Chappaqua Crossing residential rezoning proposals

October 29, 2010
by Susanna Yam

Dear Ms. Gerrard,

First of all thank you for the time and energy you have put into this project, and I truly hope that you listen to the overwhelmingly negative feedback from the residents of the community and SAY NO to the Chappaqua Crossing residential rezoning proposals.

In addition to numerous concerns the community expressed regarding safety and school burden, frankly real estate value is one of the several key concerns I have if the Summit/Greenfield proposal were approved.

More specifically, I believe the project is effectively asking the less affluent existing residents to bear most of the burden from resulting property value declines.  This is because while more supply will indiscriminately lead to lower home values for everyone, the proposed supply of brand new units priced at the under $1 million market will unfairly penalize existing residents in similarly priced homes more than others.


From a personal standpoint, we live in a modest neighborhood where houses will most likely be in the same market segment as and comparable to the new developments.  My husband and I have worked very hard to be able to purchase our current home and it will be a disproportionately large blow to our retirement plan if the value of our property declines because of developers’ desire to generate a strong internal rate of return.


I believe my husband has separately emailed you his other concerns and opinion on the rezoning proposal.  I absolutely share his views on the need to avoid downside risks no matter how remote they may seem, considering as a parallel that it took decades for companies such as AIG/Bear Stearns/Lehman to build up their reputations and market capital, but less than one year to destroy all of that.


I sincerely hope you will represent our voice and make the right decision by VOTING AGAINST the residential rezoning proposals.

Yours truly,

Susanna Yam
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For NCNOW’s complete coverage of Chappaqua Crossing, dating from 2007, click HERE.


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