If they "created" the basement unit it would have needed to be approved by the local zoning committee 

An "average" outcome is less likely, unless you're just buying already turnkey-ready properties at retail price with tenants already in place paying market rents (which of course would be built into a higher price), etc.With a REIT, we're out of the "hand picked" and "hands-on management" world, and into a committee/bureaucracy world where we're going to error on the conservative/safe/orthodox side with little innovation or one-off highly property-specific type solutions.

Leslie ask who sits on the committee for the bank?

This was detailed in the Conference Committee Report.Lastly, the individual may have been referring to the new DOL fiduciary rule (more formally known as the "conflict-of-interest" rule) to that also applies to IRAs and solo 401k plans. 

The last time I did this in the Heights area, we had to go through the architectural association and the historic committee.

Consequently, it let him (and presumably the loan committee) get comfortable with me, the property, how it would be managed, the reasonableness of my pro-forma, etc. 3.)

One specifically mentioned that he was using that as a part of his rating when he went to the committee to ask about the loan.  

for the last 203k mortgage I did, and I needed the paperwork I was there for within 24 hours so we could fund or the deal was dead, and these government employees sitting there playing Solitaire are quoting a six day turnaround to even LOOK AT the paperwork request, with "no exceptions" to that six day turnaround just to LOOK AT IT (not even fulfill the request, just look at it & move it to another bin to be reviewed by a committee!).

Get involved in local politics and donate to PACs/Committees that will fight tax rate increases.  

This pricing 'explosion' (not implosion) was due to a perfect storm of variables and more the reason why the Beltline committee chose that specific area to construct first.