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.

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!

You dropped this ..

/s

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

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.

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.

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

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

I think you're 100% correct

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.

Controlled?

What the huh?

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

You will own nothing and be happy

Misplaced outrage and willful ignorance.

That's reddits favorite source.

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?