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... Local housing building aimed less at making a profit and more at making a low, sustainable profit by keeping rents low.... (gotta pay for crap somehow).
Idea is to be choosy who is rented to (within legal limits of course) to lower vacancy rate, damages cost, etc.
Therefore, slow and steady wins the race with low rent but decent quality. It's not the Ritz, but it's livable. Rent roughly 20-30% below other places.
Functional, not fancy. There's some crap wrong with it but that's mostly cosmetic. The same crack in the wall has been stable for 30 years.
That crack has a name and is considered a resident with a Santa hat taped up in December, who has not changed, forever, and the engineer said was fine.
Anyhow, the auditor comes around and decides it's increased in value 200% from when purchased last in 2018....
This means property taxes increase, etc. Nobody really wants to raise the rent but if the value goes up 200%, guess what....
Some jerk conservative's 2nd cousin twice removed who "needed a job" and got one with city property valuation is upset it's being disputed....
Reasonable argument: The idea is that it is not so much a business and (low) rent price should be used to determine value to the extent it is for taxation purposes.
The city is asked to consider the discounts given to tenants (veterans, teachers, disabled, healthcare professionals, police, and recent domestic violence victims).
To the extent it is an asset of a business, the valuation should depend upon the revenue generated, and the positive social impact savings for the city considered.
Further, there has only been 1 code violation in 6 or 7 years, which was promptly documented, and fixed with a remediation and maintenance plan.
There is absolutely no intention to sell, ever if possible. The last price was 2018. Some increase perhaps, but not 200%....
Jerk's argument: Prices of comparable properties have gone up 200% and their rents have also gone up. Whether or not these rents are artificially lowered
doesn't matter at all. "Just to clarify," Supply and Demand [Which he misapplies but whatever] means the actual value of the property is higher by this amount.
Basically: The crazy ones running on "low taxes," are raising them through unrealistic property (tax) valuations (on those who didn't donate to their campaigns) and thus part of why rent is increasing. The idea of keeping a place affordable to live is just a god damn alien concept and apparently completely inappropriate somehow. Common sense, decency, rationality, some sense of community, nope none of that apparently. Line go up on graph, because line go up on graph. Fun fight ....
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