Letter #10 John Chipman
To Carmel Housing Task Force Members and City Council:
I am unable to attend tonight’s meeting because of scheduling conflicts but wish to raise the following concern
regarding high density housing (apartments). Despite the enthusiasm evident across major cities in favor of
apartment housing based on changing demographics and tightness of the housing market, there are potentially
three leading indicators of a slowing down in this market:
1. Decrease in rental fees – primarily where rentals became dependent on government subsidies: WSJ
8/8/2023
2. Flattening of investments in the apartment housing market as demonstrated in a recent BlackRock report:
3. Economic stress in school districts as funding shifts away from school district support. This in turn could
change the appeal of school districts. Example: Linn-Mar school district, Cedar Rapids Iowa where our
daughter teachers, suddenly announced the release of 50 sta? for lack of funding.
While these events may seem distant to our community, it is a note of caution that merits consideration of the
following suggestion.
I recommend that the city maintain a regular census of occupancy rates for all apartments in the City of Carmel.
What could be considered competitive information should not be shared outside of a select planning group of city
employees who could tell if an increase in occupancy rates is in fact an increase in total numbers or simply a
resifting among many existing renters. Such data would provide evidence of the rate of uptake for this type of
housing.
Perhaps this information is already at hand and may prove useful in the decision on whether to issue more permits
for new apartment developments in the next 1-2 years.
As a single homeowner who moved to Carmel in 1987 and who has lived in three di?erent homes in this
community, I have the sense from many single homeowners that they are not listened to nor that their voice is
worthy of consideration. As the saying goes, “money talks.” Please listen to the silent majority who have long-term
commitments to their home investment and property taxes.
Dr. John Chipman
11151 Valeside Crescent
46032