I agree.
Unless they are very careful about who they let in it’s going to be a disaster.
Being a landlord today is one of the last businesses I would want to get into. Governments stack the deck against the property owner with eviction moratoriums, failure to prosecute squatters as criminals, and extra tax on rent (this falls under the Obama 3.8% additional investment tax, etc,
“Unless they are very careful about who they let in it’s going to be a disaster.”
That fails no matter what.
It is what I call the “grandma effect”.
Grandma is a sweet black lady—treats everyone great and everybody loves grandma. She would not hurt a fly, goes to church every Sunday, keeps her apartment and hallway neat and clean. You would love grandma as a neighbor.
Then one day grandma gets a phone call. Her daughter (single mom) just got arrested for drug possession (third strike) and will be serving a year in prison.
Grandma agrees to let her daughter’s two kids stay with her while mom is in prison.
One of the kids is a teenage son who belongs to a street gang. Within days after he arrives there are constant burglaries in the complex. Within weeks residents are being attacked by teenage gangs visiting the grandson from the “hood”. In a few months residents are abandoning their apartments and fleeing far away.
The “hood” gangs take over as squatters in the vacant apartments.
In a few years the buildings and site are totally trashed and grandma wonders what went wrong with her “affordable housing”.