List;
I've recently sold my families holdings in Minneapolis. Unlike Mr. Frenz,
who I believe owned mostly in Mpls, and lives in Mpls, most of my families
holdings are outside of the city. We made a deliberate effort not to buy
any more property in Mpls or Hennepin county in the late 80's-early-90's.
Our most glaring objection was and is the city's and citizen's belief that
the landlord can be held responsible for other citizens criminal behavior.
Within the larger metro-state wide rental property OWNERS community, the
city of Mpls is being viewed as a self inflicted sick sibling or worse a
rabid dog. Something to be avoided at all costs, not trusted with serious
matters (such as your retirements or kids educations), being so out of step
with the rest of us that normal functions of government are not being met.
The state of relations between the city and it's landlords has been
bordering on hostility for some time. There is very little co-operation.
When it comes to my industry, the city is so dysfunctional that it is
breaking down. What I find so disheartening is this. After 10 years of
persecuting landlords for all of society's ills. The city ( collectively )
was starting to wise up and look for another way out. Maybe address crime
by individual. Putting the interests of landlords on par with other property
owners and business owners.
But I see a dangerous backsliding taking place. A new round of senior
police officers are using the term "problem properties" in the open again.
Landlords and buildings are getting profiled not the criminals. The new
council has members who are quick to blame landlords when they ought to know
better. Many gray beards who knew better have left the scene. It looks like
a new dark age could be coming to my industry within the cities boundaries.
The star chamber justice system is revving up again.
After universal acknowledgement that the private sector is the engine that
can solve all housing issues in the least amount of time with the least
amount of taxpayer dollars, we have little private sector involvement at all
with out huge subsidy. With interest rates at such low levels we should
have been at heartstoppingly high vacancy rates. Not so. The policy of the
city makes lower cost housing too much of a burden.
The end result for those on the lower rungs of the economic ladder.
1. Doubling. The practice of jamming two families into space meant for one.
2. 50 percent or better of take home pay going to rent.
3. Over 100,000 citizens in Hennepin county with a UD on their record. The
scarlet letter of inability to rent in most
places. So many branded because of fear of City Of Minneapolis Policy.
4. Generally having their housing deconcentrated, destructed, gentrified,and
being class cleanesed right out of town.
5. Having a seperate police department built just for you if you rent.
Don't believe me, pick up your latest CCP/SAFE
handout. Last I checked over half of the brochure was devoted to who to
call if those people in the apartment
building weren't behaving.
6. All sorts of non-profit housing people who could qualify elsewhere while
truly needy and homeless are left on the
streets. Executive directors and housing advocates eating up ever larger
portions of the fatted calf while those they
claim to fight for go needy again.
7. Kinsey Report is one of many sources that prove what the landlords have
been saying all along is true.
Thanks for reading this far. I'll conclude. What is truly sad, is that for
me and many others: 10-1 years ago I would never have thought of getting out
of the city. Being a landlord in the city on the good days is just a gas.
All the things that make Mpls unique and desireable have their own
derivitive in my industry. But the bad days kept on coming and coming.
Most of them provided by our government. Even when vacancy rates were low
and rents stable and rising, the city and other levels of government just
ruined it all.
Craig Miller
Holding one last unit in Fulton. Anybody want to buy it?
No longer Camden's 3rd largest landlord
[EMAIL PROTECTED]
The latest issue of TWIN CITIES BUSINESS JOURNAL has an interesting article
regarding the sale of 20 Uptown apartment buildings from Steve Frenz (JAS
Properties) to Spiros Zorbalas (Uptown Classic Properties). This sale was
for $10 million which averages $45,000 per apartment unit. According to the
article, Frenz is shifting his apartment investments to other cities out of
frustration with the regulatory environment in Minneapolis.
"The key issue raising (Frenz's) blood pressure is the way Minneapolis
calculates storm-water fees based on the amount of water used within a
building. Most cities instead calculate how much runoff storm water a
property produces, he said.
"Minneapolis' method unfairly penalizes multifamily apartment buildings
because those buildings use more water, but that additional water use has
nothing to do with storm water, Frenz said."
Bill Dooley
Kenny
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