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The committee learned that not all of the full $258.4 million [Portland affordable housing bond] is up for grabs. The city recently purchased the 248-unit market rate Ellington Apartments in Northeast Portland with the goal of converting all of it into affordable housing. Bond funds are expected to repay around $37 million of the $47 million loan used to purchase the property in February.
For that to happen, every household in the complex earning more than 60 percent of the area's median family income eventually may have to be evicted, something Dame called "a PR problem" for the city.
The committee learned that not all of the full $258.4 million [Portland affordable housing bond] is up for grabs. The city recently purchased the 248-unit market rate Ellington Apartments in Northeast Portland with the goal of converting all of it into affordable housing. Bond funds are expected to repay around $37 million of the $47 million loan used to purchase the property in February.
For that to happen, every household in the complex earning more than 60 percent of the area's median family income eventually may have to be evicted, something Dame called "a PR problem" for the city.
The current low rental vacancy rate is going to make it difficult for displaced renters at 60-80% of median income to find alternative housing.
Any time the government sticks its grubby little fingers into anything not only is it going to be less effective and more expensive but there are going to be winners and losers. It's great when you are one of the winners, stinks to high heavens when you are a loser. It is not going to be much easier for those earning 80-125% of the median income to find alternate housing either - and they will get less government assistance.
It will be delightful to see what havoc they create with the other $200 million. Up here they put affordable housing units right across the street from very expensive "old town" desirable homes, not only did it cost millions to build the affordable housing but they lost a few extra million per year because decreased property values meant decreased property tax revenue. As much as you complain about zoning being about protecting property values for "lucky" homeowners, it also protects area property tax revenue.
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Any time the government sticks its grubby little fingers into anything not only is it going to be less effective and more expensive but there are going to be winners and losers. It's great when you are one of the winners, stinks to high heavens when you are a loser. It is not going to be much easier for those earning 80-125% of the median income to find alternate housing either - and they will get less government assistance.
It will be delightful to see what havoc they create with the other $200 million. Up here they put affordable housing units right across the street from very expensive "old town" desirable homes, not only did it cost millions to build the affordable housing but they lost a few extra million per year because decreased property values meant decreased property tax revenue. As much as you complain about zoning being about protecting property values for "lucky" homeowners, it also protects area property tax revenue.
i.e. zoning redistributes wealth upward from renters to homeowners.
i.e. zoning redistributes wealth upward from renters to homeowners.
Zoning protects property values. Zoning doesn't redistribute wealth. They aren't taking money out of your pocket and handing it over to some property owner. You aren't losing anything, you are just complaining about not being given something at a discount price. Sheesh.
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When I post in bold red that is moderator action and, per the TOS, can only be discussed through Direct Message.
Any time the government sticks its grubby little fingers into anything not only is it going to be less effective and more expensive but there are going to be winners and losers. It's great when you are one of the winners, stinks to high heavens when you are a loser. It is not going to be much easier for those earning 80-125% of the median income to find alternate housing either - and they will get less government assistance.
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Originally Posted by Oldhag1
Zoning protects property values. Zoning doesn't redistribute wealth. They aren't taking money out of your pocket and handing it over to some property owner. You aren't losing anything, you are just complaining about not being given something at a discount price. Sheesh.
The Old Hag is right on both counts. 100% right.
Every time the gummint gets involved in private business it F's it up. Every damned time!
Any time the government sticks its grubby little fingers into anything not only is it going to be less effective and more expensive but there are going to be winners and losers. It's great when you are one of the winners, stinks to high heavens when you are a loser. It is not going to be much easier for those earning 80-125% of the median income to find alternate housing either - and they will get less government assistance.
It will be delightful to see what havoc they create with the other $200 million. Up here they put affordable housing units right across the street from very expensive "old town" desirable homes, not only did it cost millions to build the affordable housing but they lost a few extra million per year because decreased property values meant decreased property tax revenue. As much as you complain about zoning being about protecting property values for "lucky" homeowners, it also protects area property tax revenue.
Since zoning - and housing regulations in aggregate - redistribute wealth from renters to owners (See Sowell's Markets and Minorities, Chapter Four) I would dedicate a small portion of marginal property tax revenue (the annual year-to-year increase) to rental assistance.
Your "protects area property tax revenue" subsidizes homeowners at the expense of renters, unless assistance is explicitly targeted toward renters.
Zoning protects property values. Zoning doesn't redistribute wealth. They aren't taking money out of your pocket and handing it over to some property owner. You aren't losing anything, you are just complaining about not being given something at a discount price. Sheesh.
Read Sowell's Markets and Minorities, Chapter Four. Have you ever taken Econ 101? In that chapter, Sowell provides an excellent economics proof that zoning does redistribute wealth, as it increases the price renters must pay for housing, while enabling homeowners to enjoy more housing, and (depending on individual preference), perhaps more non-housing goods as well. I'd post it if I had a way to post a graph here.
As for not being given something, homeowners are very much given something by government, and that something is paid for by renters.
Are you saying you support zoning that redistributes wealth from renters to owners?
Not at all. Also, I have no dog in this fight.
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Originally Posted by freemkt
As for not being given something, homeowners are very much given something by government, and that something is paid for by renters.
I wish the gummint would give me something. All I get are tax bills. That's all they ever gave me for my home.
Can I get some freeeee moneyz too?
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