Several Affordable Housing Developers Are on the Verge of Collapse

[Anonymous]

They should relax the rules for the developers to be able to kick out the non paying tenants and let in the new ones, like parents of immigrant professionals who are here on family reunification. No issue with their payment here in CA, and they have a different mindset - not paying is “inconceivable” to them. Recent immigrants are also pretty good at paying their rent as they have no idea of the stupid loopholes.
Overall, stricter vetting of tenants.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This will be a great time to demolition old affordable garden apartments and redevelop them in to mid-rise and high-rise market-rate buildings with a lottery to apply for a few affordable units in those buildings.

This is exactly the view if DC Big Development shills like GGW, Ward 3 Vision, Cleveland Trump Smart Growth, etc.

Ileal - did you forget to take your meds again?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Let them go bankrupt and just demolish the buildings once they get repossessed for unpaid property taxes. Provide dispossessed people with one way bus tickets to very liberal jurisdictions like NYC that believe housing is a "human right".

If we don't treat housing as a human right, then we end up looking like Florida with its sidewalks and parks full of homeless people.

Do you think those same homeless people have any understanding of how to care for a property or be good neighbors? The majority of these people need to be institutionalized for their own well being.

We could hire cooks and cleaning services for these individuals. That would create a lot of jobs for those newly arrived to the US.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This will be a great time to demolition old affordable garden apartments and redevelop them in to mid-rise and high-rise market-rate buildings with a lottery to apply for a few affordable units in those buildings.

This is exactly the view if DC Big Development shills like GGW, Ward 3 Vision, Cleveland Trump Smart Growth, etc.

The garden apartments in the city are the best kind of affordable housing. They allow young families to live in the city in neighborhoods with good schools. Tearing them down to build more one-bedroom apartments would be a real tragedy. The middle class would be completely squeezed out.

[Anonymous]

DC has to stop giving away housing and encourage people to get jobs so they can pay something. I get so angry when I see panhandlers who live in voucher housing and use begging as their income source for food and transportation. Is this really the best we can do as a society? People need to work.

[Anonymous]

The Council is beyond incompetent. The solution to every single problem is just giving away money. They can't think more than a minute ahead.

[Anonymous]

Anonymous wrote:Let them go bankrupt and just demolish the buildings once they get repossessed for unpaid property taxes. Provide dispossessed people with one way bus tickets to very liberal jurisdictions like NYC that believe housing is a "human right".

Or just let them be seized in bankruptcy. The tenant protections will remain in place as will any DC restrictions on the buildings. With the mortgage payments wiped out in bankruptcy, they'll be profitable

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Let them go bankrupt and just demolish the buildings once they get repossessed for unpaid property taxes. Provide dispossessed people with one way bus tickets to very liberal jurisdictions like NYC that believe housing is a "human right".

If we don't treat housing as a human right, then we end up looking like Florida with its sidewalks and parks full of homeless people.

Many grade B vacant office buildings should be converted to Single Room Occupancy hotels like they once had in New York. These are dorm style buildings so the large bathrooms at the central elevator core can just add showers and office can be converted to 200 sq ft rooms. Homeless would not have to leave during the day if they had no where to go, but could stay in a central area with computers television, treatment programs, etc. Much cheaper than maintaining them in scattered locations and policing the crime that afflicts them

These are all hilariously bad ideas that didn’t work. Yes, let’s rebuild the high rise projects! Why did we stop doing those again? Was it because they worked really well?

[Anonymous]

Anonymous wrote:

Color me shocked. (Not). We should ask how MoCo will handle this.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Color me shocked. (Not). We should ask how MoCo will handle this.

lol…they will probably have a Place-Making Festival.

[Anonymous]

Anonymous wrote:DC housing crisis looms as rent payments fall behind: 'People could be put on the street’

WASHINGTON - Experts are warning that some affordable housing developers in the District are on the verge of collapse. Now, lawmakers say it’s time to crack down on one of the key factors at the root of the problem: tenants not paying their rent.

According to insiders, affordable housing properties in Washington, D.C., could face closures in the coming months, potentially leaving thousands of residents without a home. This looming crisis has largely flown under the radar.

D.C. Councilmember Robert White, chairman of the Council's Housing Committee, expressed concern.

"One fear is that people could be put on the street if housing projects close down," White said.

White highlighted that for-profit developers of affordable housing in D.C. are nearing collapse.

More: https://www.fox5dc.com/news/dc-housing-crisis-looms-rent-payments-fall-behind-people-could-be-put-street

Also: https://www.bisnow.com/washington-dc

No worties. CM Frumin will find them a luxury apartment in Ward 3.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Let them go bankrupt and just demolish the buildings once they get repossessed for unpaid property taxes. Provide dispossessed people with one way bus tickets to very liberal jurisdictions like NYC that believe housing is a "human right".

Or just let them be seized in bankruptcy. The tenant protections will remain in place as will any DC restrictions on the buildings. With the mortgage payments wiped out in bankruptcy, they'll be profitable

Why would the mortgage payments be wiped out in bankruptcy. Lenders have liens which if first priority can remain intact through bankruptcy?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Let them go bankrupt and just demolish the buildings once they get repossessed for unpaid property taxes. Provide dispossessed people with one way bus tickets to very liberal jurisdictions like NYC that believe housing is a "human right".

Or just let them be seized in bankruptcy. The tenant protections will remain in place as will any DC restrictions on the buildings. With the mortgage payments wiped out in bankruptcy, they'll be profitable

Why would the mortgage payments be wiped out in bankruptcy. Lenders have liens which if first priority can remain intact through bankruptcy?

If the lender is not interested in taking back the property, they actually have leverage renegotiate the loan with more favorable terms.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Let them go bankrupt and just demolish the buildings once they get repossessed for unpaid property taxes. Provide dispossessed people with one way bus tickets to very liberal jurisdictions like NYC that believe housing is a "human right".

Or just let them be seized in bankruptcy. The tenant protections will remain in place as will any DC restrictions on the buildings. With the mortgage payments wiped out in bankruptcy, they'll be profitable

Why would the mortgage payments be wiped out in bankruptcy. Lenders have liens which if first priority can remain intact through bankruptcy?

If the lender is not interested in taking back the property, they actually have leverage renegotiate the loan with more favorable terms.

This is more common with office properties, but can happen with multifamily residential as well. Banks will try to avoid foreclosure on properties if this will result substantial losses on their financial statements. They would rather renegotiate the terms of the loan than recognize a significant loss that will risk their stock prices.

[Anonymous]

Anonymous wrote:

Anonymous wrote:DC housing crisis looms as rent payments fall behind: 'People could be put on the street’

WASHINGTON - Experts are warning that some affordable housing developers in the District are on the verge of collapse. Now, lawmakers say it’s time to crack down on one of the key factors at the root of the problem: tenants not paying their rent.

According to insiders, affordable housing properties in Washington, D.C., could face closures in the coming months, potentially leaving thousands of residents without a home. This looming crisis has largely flown under the radar.

D.C. Councilmember Robert White, chairman of the Council's Housing Committee, expressed concern.

"One fear is that people could be put on the street if housing projects close down," White said.

White highlighted that for-profit developers of affordable housing in D.C. are nearing collapse.

More: https://www.fox5dc.com/news/dc-housing-crisis-looms-rent-payments-fall-behind-people-could-be-put-street

Also: https://www.bisnow.com/washington-dc

No worties. CM Frumin will find them a luxury apartment in Ward 3.

And personally welcome them and their friends.