Sunday, December 1, 2019

Affordable Housing Rant...

Just throwing this year to keep the links handy:

Town next me: 32 apartments, $16 million. Median single family home in that town is like $240,000. Not going to end homelessness spending like that. Same town, an apartment building for working class / section 8 is going for oh, $65 to $80,000 per apartment, possibly less if small and/or poor condition apartments.

Hour north of me, Worcester, MA: $20.6 million for 70 units ($295,000 each).

Can't find the first article I read on it, but I did the math and on the income guidelines they were using the average rent would be $600 a month. I haven't figured out the long con yet, but at $600/month apartments those buildings are going to be gut and rebuild again in 30 years of neglected maintenance.

Three Deckers -- buildings with three floors, each with a family-sized apartment (and classically owned by one of the occupants who then rented the other two) -- in the same city sell for $330,000.

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