Dive Brief:

• Residents in north Minneapolis have asked city officials to put the brakes on the proposed construction of more than 60 homes priced between $200,000 and $300,000.

• “Too much, too quickly,” the homeowners, who live in the city’s Lind-Bohanon neighborhood, told City Hall in a letter last week, according to The Minneapolis Star Tribune. The median price of an existing home there is around $102,500.

• Homebuilder TimberCraft has proposed building three homes priced from $200,000 to $250,000, and MyHomeSource hopes to construct 52 single-family homes and 11 row houses for sale from $280,000 to $300,000. Developers have been submitting plans to fill 90 vacant lots on the city’s far northern edge.

Dive Insight:

The residents told the newspaper they are “gun-shy” after a project of large homes and lots of green space — which was started in the late 1990s — hit a snag mid-development during the housing market crash, leaving a number of new homeowners with oversized mortgages and ultra-low property values.

As the owners foreclosed, investors bought their homes and turned them into rental properties, which the residents have said are not well-maintained and have further depreciated their own home values.

In addition, a bump in new, higher-end homes in the neighborhood could either devalue the area’s smaller, existing houses or push their prices up — which would increase their property taxes by as much as 10%. That could force older, fixed-income homeowners to move as the neighborhood gentrifies.