What would greatly help prevent economic obsolescence?

Economic obsolescence, also known as external obsolescence, occurs when a property's value decreases due to external factors beyond the owner's control, often related to the economic environment or surrounding conditions. A prospering neighborhood plays a crucial role in preventing economic obsolescence because it typically indicates a positive economic climate and rising property values. In such an environment, properties are likely to maintain or appreciate their value due to demand, enhanced desirability, and the presence of amenities and services that benefit residents.

A prospering neighborhood often features a stable or growing job market, good schools, and attractive community features, all of which contribute to a higher quality of life. This creates a positive feedback loop where demand for property increases, lessening the likelihood of economic decline or depreciation of property value. Therefore, the overall prosperity of a neighborhood is a significant deterrent to factors that could lead to economic obsolescence.

In contrast, poor local economic conditions, high property taxes, and incompatible property uses are typically detractors that can lead to economic obsolescence, as they contribute to diminished property appeal and marketability.