October 17, 2012

Economic Studies Show That Historic Districts Enhance Rather Than Depress Property Values

To the Editor:

The Historic Preservation Review Committee has recommended that a 5th historic district be created, and Borough Council voted 4-0 to pass a draft ordinance onto the Planning Board. The HPRC found that the proposed district meets all national and state evaluation criteria for historic designation. In fact, the Morven Tract historic district was envisioned in Princeton’s master plan in 1996.

The purpose of the district is to preserve for future generations the architecture, context, history, streetscapes, and texture of a unique small part of the western section that was built out between 1890-1917, as the University rapidly expanded. This area is a tremendous asset to the Princeton community as a whole, not only as a living reminder of our history, but for the economic benefits it brings in terms of tour groups, restaurant, and shop revenue.

Another benefit is that by Princeton ordinance, historic districts deter teardowns and guide what can be built in their place. Little by little teardowns are changing Princeton’s face. Just a block or two from the proposed district, homes have been torn down and replaced with structures that are not visually compatible with their surroundings.

The architectural experts of the HPRC have administered four historic districts with flexibility and helpful advice since 1985. It is simply untrue that this will unduly burden homeowners. Many economic studies have shown that historic districts do not depress property values but in most cases enhance them, and local realtors are now advertising homes “located in the Princeton historic district.”

Residents of the district are about evenly split on whether the Morven Tract should be created, but it is up to our elected officials to make zoning decisions based on what is best for Princeton and its community values as a whole — not the “property rights trump all” ideology of a small group of homeowners, many of whom do not live in the affected area, who loudly protest this designation.

John Heilner

Library Place