Bad Government is the reason rents are high. It is the private affordable housing providers that are required to collect enough rent to pay the taxes that fund our Government and their idea of affordable (subsidized) housing. Minnesota is one of a few freak states that tax a rental home at a much higher rate than an owned home. Why???
Government should find another source to obtain revenue. If they removed the many taxes, fees, licenses, charges, unnecessary regulations, etc. working individuals could afford a place to live without Government's help. Governments funding of the non-profit sector and their plans to build $50,000 apartments at a cost of $120,000 to $255,000 per apartment, needs to be stopped at once. Example: Their $120,000 loan at 7.875% interest for 25 years requires a payment of $916.27 dollars per month, Plus $346 Per apt. month for expenses. For a total net cost of $1262.27 per month. Their subsidized rent is $1262.27, my rent is less than $600 per month, (a few long term tenants have rent less then $500). Which one of us is an affordable housing provider? I shouldn't have to charge renters $500/plus for an apartment just so some politically connected developer can suck out millions of $$$$$ in multiple fees. Let them use their own money (or the banks) not ours. Is anyone listening? Does anyone care? Mel Gregerson, CAPS, CAM, CAMT, CRM, CRMT Affordable Housing Provider since 1960 South Mpls. -----Original Message----- From: David Brauer [SMTP:[EMAIL PROTECTED]] Sent: Monday, January 21, 2002 9:31 AM To: [EMAIL PROTECTED] Subject: Re: [Mpls] Affordable housing crisis is over on 1/21/02 9:24 AM, Craig Miller at [EMAIL PROTECTED] wrote: > Was I the only one who noticed the rental vacancy rate has gone from 2.1% to > 4% in just one quarter? And that figure is going to keep climbing. > <snip> > The affordable housing crisis has passed. Craig, let me play devil's advocate here...I just did a story for this week's Skyway News (www.skywaynews.net), on the 4th-quarter 2001 Downtown apartment market. The story is rising vacancy rates...but no falling prices, yet. Apparently, for a little while anyway, landlords are willing to tolerate a higher un-rented inventory rather than offer long-term rent breaks...they, like many investors, are betting the post-9/11 dip is shallow and quick. I worry that some are making a mistake equating rising vacancy rates with the end of the affordable housing problem. I'm pretty sure if vacancies persist, prices will come down...however, will they come down enough to put enough rental housing into the "affordable" category, either by metro/city median or 30% of gross-income measurements? I suspect a lot of what's happening is those who can afford higher-than-affordable rents - the kind I used to pay - are getting the big big break right now. Anyway, I need price data, not just vacancy data, to declare the crisis over. David Brauer King Field - Ward 10 _________________________________________________________ Do You Yahoo!? Get your free @yahoo.com address at http://mail.yahoo.com _______________________________________ Minneapolis Issues Forum - A Civil City Civic Discussion - Mn E-Democracy Post messages to: [EMAIL PROTECTED] Subscribe, Unsubscribe, Digest option, and more: http://e-democracy.org/mpls _______________________________________ Minneapolis Issues Forum - A Civil City Civic Discussion - Mn E-Democracy Post messages to: [EMAIL PROTECTED] Subscribe, Unsubscribe, Digest option, and more: http://e-democracy.org/mpls
