Several Affordable Housing Developers Are on the Verge of Collapse

[Anonymous]

I love when the counsel passes a law to help those in need and then those in need and a mass of others drive a truck through some loophole-- the self verified qualification is an awesome example. I also enjoy when the gov has to try to pass a law that you think would just be unwritten but not in DC: so many voucher folks committing violent crimes against building tenants, but landlord cant evict bc violently beating and raping your next door neighbor in the building, for example, is not grounds for eviction. Everyone has the right to housing, especially the rapist. Now a bill will say that you can evict for that reason, but not if you rape your neighbor at a park down the street or commit a violent felony outside of the premises of the building. These issues ingrain negative stereotypes about the city.

[Anonymous]

Larger affordable housing development companies are not building new affordable properties in DC. Several have been selling off properties since the Cancel Rent movement took control of the DC Council during the pandemic. Be careful what you wish for.

[Anonymous]

Anonymous wrote:I love when the counsel passes a law to help those in need and then those in need and a mass of others drive a truck through some loophole-- the self verified qualification is an awesome example. I also enjoy when the gov has to try to pass a law that you think would just be unwritten but not in DC: so many voucher folks committing violent crimes against building tenants, but landlord cant evict bc violently beating and raping your next door neighbor in the building, for example, is not grounds for eviction. Everyone has the right to housing, especially the rapist. Now a bill will say that you can evict for that reason, but not if you rape your neighbor at a park down the street or commit a violent felony outside of the premises of the building. These issues ingrain negative stereotypes about the city.

It's the same story with pretty much everything they've done since 2018. Collectively it's our own fault for voting for these idiots but it is frustrating that the obvious issues with the policy were ignored for so long.

Why would anyone pay rent if they can't be evicted?

[Anonymous]

[Anonymous]

There needs to be a per unit cap limit for LITC developments. The tax credit should be limited to $200,000 per unit or $200 per sq ft for each unit, whichever is less.

[Anonymous]

Anonymous wrote:There needs to be a per unit cap limit for LITC developments. The tax credit should be limited to $200,000 per unit or $200 per sq ft for each unit, whichever is less.

But the problem seems to be that the subsidies themselves discourage building without the fancy amenities. Waterfall countertops and hydroponic rooftop gardens shouldn't even be allowed if the goal is to create affordable housing.

[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.

You know what I believe housing is a human right that you have the right to get up every day and work for, just like everyone I know does. I am not of the belief that people are not capable of providing for themselves. When I could afford less I had roommates, lots of roommates, was it idea? No! But that's what I had to do to have a roof over my head, I am not interested in paying for others housing.

Nonsense. Housing has been free for humans since the dawn of time. Neolithic humans didn’t have to pay anyone for shelter. They could find a good place and then build a shelter. Just like a homeless person in a park. It’s a violation of basic human rights to deny a person shelter in a public park etc.

[Anonymous]

Anonymous wrote:There needs to be a per unit cap limit for LITC developments. The tax credit should be limited to $200,000 per unit or $200 per sq ft for each unit, whichever is less.

[Anonymous]

Anonymous wrote: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.

Why should recent immigrants receive subsidized anything? They are one of the main reasons that housing prices continue to rise.

[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".

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.

You know what I believe housing is a human right that you have the right to get up every day and work for, just like everyone I know does. I am not of the belief that people are not capable of providing for themselves. When I could afford less I had roommates, lots of roommates, was it idea? No! But that's what I had to do to have a roof over my head, I am not interested in paying for others housing.

Nonsense. Housing has been free for humans since the dawn of time. Neolithic humans didn’t have to pay anyone for shelter. They could find a good place and then build a shelter. Just like a homeless person in a park. It’s a violation of basic human rights to deny a person shelter in a public park etc.

Back then, if your neighbor had a better cave, you could take it by force. Can we do that?

[Anonymous]

I've been a commercial real estate lender for over 40 years, 25 in the multifamily affordable space. Many of these DC developers weren't around in this space 10 years ago. That's why they're failing. The process of financing and building affordable housing is long, bureaucratic and not for the faint of heart. Most projects take several years to complete. I had a $90 milluon mixed use affordable deal at a major metro site in NE that I first started working on in 2010 and opened its doors in 2019. Tax credits and donations were 90% of the capital stack and the debt was 10%

The Affordable Housing Indilustrual Complex is real, adds about 40% to the development costs and is detrimental to the market.

[Anonymous]

Anonymous wrote:Larger affordable housing development companies are not building new affordable properties in DC. Several have been selling off properties since the Cancel Rent movement took control of the DC Council during the pandemic. Be careful what you wish for.

It feels like studio and one bedroom apartments are being thrown up on every vacant lot in this city. I always ask, who is renting these places. They are not big enough for roommate sharing, but yet the asking prices are expensive.

[Anonymous]

Anonymous wrote:

Anonymous wrote:There needs to be a per unit cap limit for LITC developments. The tax credit should be limited to $200,000 per unit or $200 per sq ft for each unit, whichever is less.

But the problem seems to be that the subsidies themselves discourage building without the fancy amenities. Waterfall countertops and hydroponic rooftop gardens shouldn't even be allowed if the goal is to create affordable housing.

Exactly. This does not equal affordable.

[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".

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.

You know what I believe housing is a human right that you have the right to get up every day and work for, just like everyone I know does. I am not of the belief that people are not capable of providing for themselves. When I could afford less I had roommates, lots of roommates, was it idea? No! But that's what I had to do to have a roof over my head, I am not interested in paying for others housing.

Nonsense. Housing has been free for humans since the dawn of time. Neolithic humans didn’t have to pay anyone for shelter. They could find a good place and then build a shelter. Just like a homeless person in a park. It’s a violation of basic human rights to deny a person shelter in a public park etc.

When you can't tell if PP is being sarcastic or not, that is the hallmark of top-tier trolling. Bravo, internet troll sir.