Luck of draw or property theft?

The Pasadena Pundit ^ | July 3, 2005 | Wayne Lusvardi

[WayneLusvardi]

Luck of the Draw or Theft of One's Neighbors Property?

"Luck of draw for shelter seekers" (Pasadena Star News, July 1) depicts the luck of 160 people in a lottery for affordable units in the new upscale Trio Apartments under the City of Pasadena's Inclusionary Housing Ordinance. http://www.pasadenastarnews.com/Stories/0,1413,206~22097~2948469,00.html

However, the burden of paying this invisible and unjust excise tax for these affordable units will be born by only a few of Pasadena landowners, not all the city's taxpayers or even the developers.

A misconception is that it is "greedy" developers who pay for inclusionary housing programs. Nothing could be further from the truth. Developers merely shift the cost of the units onto landowners by paying proportionately less for the land and shift the reduced rents onto the other tenants in their apartment complexes. The City's economic consultant, Keyser-Marston Associates, even admits that the City's required set-aside of 15% of all new units for affordable housing results in a 30% loss to the value of the land. Coupled with the City's $20,000 per unit parks fee, the inclusionary housing requirement would result in a $1 million loss in the value of a site on which 20 units could be built; reflecting a 50% loss of its highest value!

Affordable housing advocates now want to expand this unfair tax to small landowners on which 5 to 9 units can be built. The social action committees of several churches have righteously endorsed such coveting and excessive taxation of one's neighbor's property all in the name of "affordable housing." As a society we don't say that people are being excluded from buying expensive automobiles or other luxury goods, so why do we say this with high-priced luxury housing? This comes as no surprise in a nation that doesn't want the commandment "thou shall not steal" in its courthouses any longer and refuses to put any limits on eminent domain law. The Pasadena Pundit waynelbox-paspundit@yahoo.com