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 ...
Cabrini–Green redux.
Hey be careful what you say. LA may start buying all these people bus tickets and sending them here
Trust me - it's gonna be a new "Cabrini–Green"
https://en.wikipedia.org/wiki/Cabrini%E2%80%93Green_Homes
(Over the years, crime, gang violence and neglect created deplorable living conditions for the residents, and "Cabrini–Green" became a metonym for the problems associated with public housing in the United States.)
Seems like they failed to understand the concept 😲.
Gee whiz, another tax-payer funded housing project. What could go wrong?
First thing that came to mind: The Far Side cartoon with the little kid porcupine playing with a balloon and the dad saying, “Well, this shouldn’t take long...”
What’s the over/under on the first homicide?
> And there will be upkeep. <
A carpenter I know made some decent money that way. Tenants at a local housing complex would sometimes tear up the place just for the hell of it. And often they would break open the walls to get at the copper pipe, then sell it to scrapyards.
Do they still use copper pipe? Anyway, he would come in and make repairs. Put in new copper pipe, fix the walls. Then the tenants would tear the up place again. Etc.
I was visiting relatives in the Chicago area a few months ago and it happened to be during a “black woman’s convention” or something like that.
Anyway, I was sitting there with them watching all the local news and noticed something about half way through the broadcast: with rare exception, every reporter, talking head, and “person on the street” involved in any of the stories, save for one guy, was black. I looked at my brother in law and said, “Are we in Wokonda?”
They shot Carpenters in Norfolk.
Cabrini Green.
> They shot Carpenters in Norfolk. <
At a city school near where I live, a mob of students chased two carpenters into a side room. The carpenters had to barricade the door until help came. Based on what you said, I guess it could have been worse.
“Nonprofit developer Abode Communities and land steward T.R.U.S.T. South LA transformed the site that originally held 48 apartments that were in disrepair, which prevented a mass eviction of low-income residents who faced gentrification pressures of student housing and new transit construction, according to a statement from Abode.
``Too many residents in the Eighth District are burdened by rental costs. I am committed to providing affordable housing for residents across South Los Angeles, and these homes are an example of the types of developments families in South Los Angeles need,’’ Los Angeles City Councilman Marqueece Harris-Dawson, who represents the district where Rolland Curtis Gardens is located.”
George Orwell has some strong competition here.
Urban Black women in America are a pox, almost without exception. Resource drains and breeders of evil criminals and malcontents. This place is a way to house these parasites. If we could ship urban black women away , the crime rate would drop 50% and most of our social ills would become markedly better. It's not the black skin, it's the urban+black+liberal+helpless+hopeless+useless. They are still slaves, still on the plantation and it's their own damn fault.
As they pat themselves on the back, the rest of L. A. And the state continues to succumb to the illegals, criminals and the homeless. With their sights on the rest of the country, the communist democrats have clearly demonstrated how to wreck an entire state. Their answer to the tax payers, “we’re coming for your guns and your money”!
Adding the cost of the land & then the development gets a total of $85 million.
Divide that by 77 and I get $1,103,896 per apartment to develop each one.
What kind of rent does it take to recover that investment & then to do maintenance, taxes, and other overhead?
As a ling long bookkeeper/accounting person, I cannot fathom this investment.
One earthquake & no one will be living there, anyway. Or a large gang fight breakout.
$65,000 gets you a small 3 bedroom 2 bath Manufactured Home complete, delivered and setup
https://www.claytonhomes.com/homes/51SSP16723AH””";
Clayton office less than 10 miles from where I live.
I paid $85,000 for my 1350 sq ft Fleetwood home, also 3/2 double wide. set up, etc.
I paid $55,000 for 5.58 acres with well, septic, leach field, power drop, & permanent foundation for the double wide.
Total investment in 2005 of $140,000.
I have added other improvements: 24 x 24 garage with 220 power & concrete floor & apron——concrete tie rail for shoeing horses—— 12 separate horse enclosures ranging in size from 60,160 sq ft (1.38 acres) to 288 sq ft 6 rail steel pens for brood mares. Completely fenced & cross fenced with hot wire & 3 perimeter entrances, each 32’ wide.All perimeter gates connected with gravel driveways. 5 sun shelters in pens. Deck at front door. 6 ceiling fans with lights in house.
Property for sale due to health issue with family member.
Will answer any questions anyone has.
Don’t sugar coat it. Give it to us straight.
Adding the cost of the land & then the development gets a total of $85 million.
Divide that by 77 and I get $1,103,896 per apartment to develop each one.
What kind of rent does it take to recover that investment & then to do maintenance, taxes, and other overhead?
As a ling long bookkeeper/accounting person, I cannot fathom this investment.
One earthquake & no one will be living there, anyway. Or a large gang fight breakout.
Sorry- I did math wrong. It is 140 units...not 77. Not all awake yet. Too many local distractions.
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