It used to be that section 8 would only pay $200 towards any damages one of their clients left.Not sure what it is now.I am glad we don’t rent anymore because we have heard from others that still do that they have been threatened by people who qualify for section 8 when they have said they won’t accept it.It’s to the point where the only thing that will save you is to make sure the places only have one bedroom and the rent kept high enough to disqualify it for section 8.
Housing Bust Opens New Doors for Subsidized Tenants (in luxury apartments)
Wall Street Journal ^ | August 2, 2010 | DAWN WOTAPKA
Posted on Monday, August 02, 2010 8:50:10 AM by reaganaut1
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The program, known as Section 8, has for decades put families in functional but basic homes and apartments, sometimes in less-than-desirable communities.
But overbuilding during the housing boom has left so many homes available that landlords, desperate for renters, are wooing Section 8 recipients, whose government subsidies, delivered electronically, guarantee the landlord gets paid. As a result, Section 8 recipients suddenly have a housing smorgasbord.
Plenty of average housing stock remains in many places, but in certain markets, there are also more upscale selections. On the website GoSection8.com, landlords nationwide tout boom-era showpieces—replete with “great rooms,” backyard swimming pools and built-in stainless-steel barbecue grills—that once sold for hundreds of thousands of dollars. Las Vegas has been one of the nation's hardest-hit real-estate markets.
Some renters are getting pickier. “More and more, I'm seeing tenants turn down places,” says Arman Davtyan, owner of seven Las Vegas properties rented to Section 8 tenants. Instead, they're going for “another property that's either bigger or in a better area or has more bedrooms,” he says. “Before, they tended to take whatever they could get.”
Though some neighbors have long contended that government-subsidized tenants increase crime and depress property values, some now say that having a house occupied is better than leaving it vacant, which attracts vandalism and other problems.
In Antioch, Calif., a San Francisco bedroom community where the number of Section 8 listings has skyrocketed in recent years, residents have mixed emotions about the new tenants. “I would concede, I wouldn't be happy with an empty house,” says Walter Ruehlig, a longtime resident of Antioch. “It's kind of like, ‘What poison do you choose?”’
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http://www.freerepublic.com/focus/f-news/2563219/posts
More excerpts from the article:
...
Ms. Newburn can thank the housing bust. She participates in a government program for low-income families that subsidizes about half of her $1,400 monthly rent. The program, known as Section 8, has for decades put families in functional but basic homes and apartments, sometimes in less-than-desirable communities.
...
Last year, Mr. Davtyan, who rents to Section 8 tenants, paid $60,000 in cash for a four-bedroom house in North Las Vegas. He charges rent of $1,436 each month, giving him a profit of about $15,000 per year after insurance and property taxes, he says. He also paid $60,000 for a six-bedroom house in central Las Vegas 18 months ago that once commanded nearly $300,000. It rents for nearly $1,700 a month.
“It’s the most lucrative way to go right now,” he says. “Nowhere else does your money make that kind of return.”
It reminded me of this:
Yes. Moving on up ... to the top ...
Recall the Jeffersons
Well we’re movin on up,
To the east side.
To a deluxe apartment in the sky.
Movin on up,
To the east side.
We finally got a piece of the pie.
Fish don’t fry in the kitchen;
Beans don’t burn on the grill.
Took a whole lotta tryin’,
Just to get up that hill.
Now we’re up in the big leagues,
Gettin’ our turn at bat.
As long as we live, it’s you and me baby,
There ain’t nothin wrong with that.
Well we’re movin on up,
To the east side.
To a deluxe apartment in the sky.
Movin on up,
To the east side.
We finally got a piece of the pie.
Oh, see it too!
http://www.youtube.com/watch?v=p9y4iXAso4I&feature=related
Don’t the Jefferson's remind you of the Obama’s?
http://www.youtube.com/watch?v=J3YRWhg4YaA&feature=related
LOL!!!!
Here’s another good one:
Obama moving on up!
http://www.youtube.com/watch?v=_Iz5LS9G9cU&feature=related
The problem is that we are laughing at the TRUTH when it comes to Obama and tribe moving on up.
It's Obama new residential housing song at YOUR expense.
As you know, ANY money the government gets is from YOU!
YOU get to PAY MORE IN TAXES to subsidize these people.
I suspect when the tenant eventually TRASH it, and move UP again, you'll pay for the damages too! It won't matter if it is from the government or through higher insurance rates if you are part of the pool the landlord is insured with. It is so demoralizing for people that WORK FOR IT, don't get backroom special deals etc.. Obama truly is LEVELING the playing field.
BTW, the rumor is Obama will FORGIVE Fannie and Freddie debtors. I will not be surprised when he does do that at YOUR expense of course.