How does mix used zoning affect home values/rent/airbnb?

[Calvin Smith]

Hello All,

I currently own a condo which I live in (sorry, Grant Cardone). It’s appreciated nicely over the three years I’ve owned it.

I was planning on either selling this property and 1031 exchanging into my first house hacked SFH OR getting a line of credit out on the equity and using it as a downpayment for a house hacked SFH and keeping the condo to airbnb it, as the local airbnb market is strong.

However, the plot thickened a few days ago when I received notice that a developer is planning to rezone the immediately surrounding area I’m in from urban to multi use. They are planning to put a small shopping center in with a hotel amongst other things.

My question’s are: 

1) How will this affect the value of my condo if they are successful with the execution of this project? 

2) Should I expect rental rates to rise in my immediate neighborhood because of this? 

3) Will airbnb rates rise or remain status quo? 

Thanks in advance for your help, advice, comments!