Posted on 11/08/2019 8:27:53 AM PST by eyeamok
According to T.R.U.S.T. South LA, the cost to purchase the building was $8.3 million in 2012 and development cost $77.7 million for the 140 affordable rental units
(Excerpt) Read more at kfiam640.iheart.com ...
The article doesn't say how much rent is, but average rents are over $2000, which means it is on a 50-75 Year Plan Just to Break Even!!!
$65,000 gets you a small 3 bedroom 2 bath Manufactured Home complete, delivered and setup
https://www.claytonhomes.com/homes/51SSP16723AH
Building “affordable housing” in high cost cities is the definition of total insanity.
That means the politicians will keep doing it—over and over and over again!
“$65,000 gets you a small 3 bedroom 2 bath Manufactured Home complete, delivered and setup “
I suggest you seek legal advice before signing any contracts.
Someone had to pay for material and labor, and soon the upkeep.
And there will be upkeep.
Once the bills and expenses start to roll in, whomever owns this slow-motion train-wreck is going to start cutting corners, letting needed repairs go for as long as possible, and using cheap material to do any repairs.
Quietly they will cash-out (i.e. cut their loses) and the next landlord will let it slide even harder until it is nothing more than Section-8 with a prettier name.
That is if the next owner isnt a sane business person, and starts making the units into market-rate condos.
Where I moved to in rural KY, $50k will get you a nice modest 3 BR home on a fairly big lot. And it’s a university town.
That’s one of the reasons I moved here from Seattle. The closest I could come to the advantages of ex-patriating, without actually ex-patriating.
Not if its rent-controlled. There’s a waiting list to move into one.
Don’t forget there is a health clinic and Market as part of the complex. That obviously raises the value. LOL
Also Known As: “future slums” in tall concrete ugly buildings.
Been tried worldwide. Failed every time.
I’ve been to south LA. I wouldn’t want to live there. Of course, that was in GTA, but still.
Closest I’ve been to was to USC. No white person would be caught along live or dead in south central LA.
“I received all the Legal Advice I ever needed in High School during English Class:”
Then why did you misrepresent the facts?
Somebody pays the difference between “affordable” and “true market price.”
You can get a McMansion ON THE LAKE in the richest county in Georgia, under 1 hour from Atlanta, for that price.
Within the LA city limit $614K is considered affordable housing. In fact, it is considered affordable for a great deal of LA County.
Most people who work in LA live east at the outskirts or just beyond the county limit. Most who work there can’t afford to live there. And many homes 1 1/2 to 2 1/2 hours drive from LA cost $400k and up.
The only way to find homes in CA that would be in the upper $200k to $300k range is to live in the middle of nowhere CA.
The wife and I left the state more than a decade ago. We thought it was bad then. We never foresaw our state getting as bad as it is now.
Future ghetto, just like all the other government-built housing projects.
What is ‘affrodable’ and by whom?...................
I used to think the “projects” I saw growing up in a suburb outside Detroit we dangerous and crime ridden places. True.
But then I had to look up what “Section 8” meant a few years ago after seeing a local news site comment. It is the successor to one gathering place “projects” high rise for poor residents.
A house or an apartment integrated fully into a neighborhood where others earn their way in life by working and pay for their own housing. Some were bought in a distressed sale by the government after a foreclosure and so on. So several people sacrifice, work and earn money to pay for their houses while one or more next door are “Section 8s” who are free to loaf all day.
The Section 8 recipient pays a small honorarium such as $45 or $79 for a monthly rent or house payment of $1,400 or $5,000 for example.
Not all, but many house several relatives not on the contract, many are drug houses or part time prostitution houses and many foster teen or other vandalism and crime in the neighborhood. All have a signed written agreement to not have “violent criminals” or “illegal drug criminals” there-—IF the people really obeyed the rules. Big chance.
Often the good, decent people start to sell and leave. Then more. Sounds like the 1967 through 1970s white flight Michell Obama decried.
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