New: ELECTION:
Props L and N: Affordable Housing-Another Weapon of Mass Gentrification
- “Affordable Housing” is a convenient marketing term developed by the Reagan and Bush Administrations since the early 1980s as a vehicle to “de-ghetto” urban cities.
- The “non-profit” component is a small, temporary intermediary and used as a shield which for-profit developers, banks, large contractors, lawyers, syndicates, consultants, and management hide behind. 81% of affordable housing is eventually owned by for profit companies.
- “For-profit” investor take can range from 4 to 6%. The average yield was 4.75% in 2019 and 2022 interest rates are considerably higher.
- “Affordable Housing” is not affordable to build. Too many middlemen taking a cut with costs hitting almost a million per 2 bedroom unit in Los Angeles. -more-