Long-term residents of the Byron shire will have an opinion one way or another on Multiple Occupancies, Community Title or any of the other “rural land sharing” structures. The humble MO has played a major role in the back to the earth movement of the 70’s and then as an economical way for people to get a small piece of bush to call home.
The NSW government is not fond of this form of land ownership and are happy to see the end of MOs. Only three shires in the state have included the relevant planning legislation in the new LEP: Byron Bay, Lismore and Shoalhaven. There are still pros and cons to this kind of title, which I will get to later. But I was interested to read this article about cashed up, tech entrepreneurs in the USA reviving the form and possibly making it trendy again.
Living communally can look exciting and rewarding but for many the interpersonal skills required for a successful go of it often falls short. I have seen a few successful versions over the years and a few more that stumble along in acrimony and bad blood. In Byron Shire these days the cost of the land and increasing expense of building materials makes the buy-in counterproductive when coupled with the inability of being able to take out a mortgage.
Finding finance approval was not the concern of this group of successful young hipsters in New York sate. I found this article interesting as it suggests that the new breed of tech start up millionaires may be going against the trend of the hedge fund managers of a previous generation. This group have an interesting way of getting back to the land and have forgone the luxury mega mansion to make a show-off statement about wealth.