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SparkNoJoyThrw01 t1_jddlu7h wrote

Yeah tear down the dense apartment buildings and replace them with single family townhomes and reduce the population density

That will surely help people in need of housing looking for fair prices!

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babyyodaisamazing98 t1_jddy81m wrote

Literally nothing in the article says anything about tearing them down. What’s your source on this?

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babyyodaisamazing98 t1_jddyhko wrote

If these units really need more than $10,000 in repairs per unit then it’s no wonder they sold.

Maintaining affordable units is always a challenge and I don’t see any easy short term solutions.

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da_london_09 t1_jdeip60 wrote

It's the main reason why Penn Plaza was torn down. Between asbestos abatement, old rotting galvanized pipes, dangerous aluminum wiring, aging appliances, worn out roofing, and worn out HVAC systems, it would be pretty much impossible for the owners to repair it without moving people out (mainly for asbestos), and without having to substantially increase rent to cover the renovations.

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ShanghaiShrek t1_jdj4re2 wrote

There was a period of time where the worst construction practices converged at the same time. Like damn, did that building have Federal Pacific electric panels, too?

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jhc412 t1_jde1pqu wrote

I don't agree with the concern that this company is going to come in and turn the units over market rate in the short term future. Their HUD contracts don't expire until 2029-2044.

I am shocked that HUD would approve the sale to this private equity firm that just started operations 3 years ago. They usually approve large sales like this to companies that have experience and history with low-income properties.

The good thing is that ARCHO is getting out of the affordable housing business because they were a dumpster fire of an organization.

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412gage t1_jdehnx3 wrote

The new firm probably added housing management consultants with LIHTC experience to their paperwork "promised" to subcontract MWVBE entities.

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dlppgh t1_jde8ug1 wrote

Imagine the mess that Ben Carson created at HUD during his brief tenure.

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CowboyNealCassady t1_jddloxh wrote

Worries? This is the plan. When a person is “lucky” to find a place to rent, they are more easily controlled. The rest is a dystopian novel de jour.

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Indrigotheir t1_jdfy5fy wrote

Couldn't be market forces and greed. Must be conspiracy!

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