Subsidized and/or Affordable Housing
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- IDS Center
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Re: Subsidized and/or Affordable Housing
Damn auto correct.
Re: Subsidized and/or Affordable Housing
I assumed that you meant to type "Retired Banker," right?Interview with a retired building.
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- IDS Center
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Re: Subsidized and/or Affordable Housing
Denmark is not happy with Blackstone acquiring huge swaths of housing and raising rents.
https://finance-commerce.com/2019/10/bl ... ent-rents/
https://finance-commerce.com/2019/10/bl ... ent-rents/
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- IDS Center
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Re: Subsidized and/or Affordable Housing
Manufactured homes have always had a rough go in the twin cities. A few parks at the fringes are trying to expand and are being fought.
https://www.startribune.com/mobile-home ... 569077962/
https://www.startribune.com/mobile-home ... 569077962/
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- IDS Center
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Re: Subsidized and/or Affordable Housing
The Elliot Twins received funding for renovations, with commitments to not displace existing residents.
https://www.startribune.com/minneapolis ... 571280332/
https://www.startribune.com/minneapolis ... 571280332/
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- US Bank Plaza
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Re: Subsidized and/or Affordable Housing
That’s good, but this seems suspicious:
“The agency opened itself up to the private funding through the federal Rental Assistance Demonstration program, which transfers ownership of public housing buildings to a private entity. The private investors qualify for tax credits.”
How does that benefit society? What happens when a future administration or Congress removes those tax credits? Residents will be displaced as rents go up without a tax credit. It seems like a scam.
“The agency opened itself up to the private funding through the federal Rental Assistance Demonstration program, which transfers ownership of public housing buildings to a private entity. The private investors qualify for tax credits.”
How does that benefit society? What happens when a future administration or Congress removes those tax credits? Residents will be displaced as rents go up without a tax credit. It seems like a scam.
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- Wells Fargo Center
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Re: Subsidized and/or Affordable Housing
RAD is just the latest in a long line of Rube Goldberg machines that the federal government sets up to direct private money to fund affordable housing. With RAD, the public housing agency maintains 99% ownership of the property, even if 99% of the funding is private, so there's not actually privatization.
It is extremely ridiculous, but it's also the system we have right now. Housing authorities are in a spot where these tax incentive schemes are the only way that they can fund repairs to deteriorating properties. In a sane world, the government would fund it directly. If 2020 has proved anything to you, we do not live in such a world.
It is extremely ridiculous, but it's also the system we have right now. Housing authorities are in a spot where these tax incentive schemes are the only way that they can fund repairs to deteriorating properties. In a sane world, the government would fund it directly. If 2020 has proved anything to you, we do not live in such a world.
Re: Subsidized and/or Affordable Housing
Will Stancil wrote a pretty good Twitter thread explainer on RAD last summer.
Joey Senkyr
[email protected]
[email protected]
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- IDS Center
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Re: Subsidized and/or Affordable Housing
The Minneapolis Fed is now tracking trends in investor-ownership of housing in Minneapolis. Over 30% of North Minneapolis single family houses are owned by investors.
https://www.marketwatch.com/story/high- ... 1637710073
This tool lets you zoom around and investigate by census district. https://www.minneapolisfed.org/article/ ... ities-area
https://www.marketwatch.com/story/high- ... 1637710073
This tool lets you zoom around and investigate by census district. https://www.minneapolisfed.org/article/ ... ities-area
Re: Subsidized and/or Affordable Housing
Playing with the tool, it would appear that the huge bulk of these investors are small time operators. If you shift the cutoff up to 10 units controlled, the share drops such that the highest concentrations are around 12%. Not sure if that really makes any difference, but it's not what the narrative would lead you to believe.
Re: Subsidized and/or Affordable Housing
Thanks for the insight. I fear sometimes popular narratives are pushed without letting on that the story is more complex and need solutions to address the complexities.Playing with the tool, it would appear that the huge bulk of these investors are small time operators. If you shift the cutoff up to 10 units controlled, the share drops such that the highest concentrations are around 12%. Not sure if that really makes any difference, but it's not what the narrative would lead you to believe.
For example the Wilder Foundation had a study saying homelessness in MN was up. I clicked on the raw data and found that a large percentage of those who were homeless in MN were basically refugees from Chicago. That additional information tells a more complex narrative which also has different needs.
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