I just received this response in an email from a prospective buyer of a listing of mine:

After much consideration I am going to pass on putting an offer on XXX.  While I love the house, location, and potential for the site, I’m concerned that the restoration, even just the basics, will cost me more money than I want to spend at this time.  Also, with the recently enacted preservation restrictions I’m concerned that 1) I would be forced to restore items that are cost prohibitive to restore versus replace and 2) that the house to the south will not sell and sit vacant for a long time because it cannot be torn down. 
 
If the property does not sell and the owner drops the price drastically to liquidate it, then I may become interested again.

These are not my words, these are the buyer's words.  So how does this drive up property values in historic districts as the City of Houston proclaims?  I can see how it will drive up values of properties on the outskirts of the historic district.

Only one chance to  opt out of the Historic District, many chances to opt in! http://goo.gl/lzT67
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