affordable housing
A while ago a friend of mine was asked to help draft a mailer for apartment residents. He wanted the ad to demonstrate how one could own a home or condo for not much more than they spent in rent. It took some very “creative math” to accomplish the goal, and the mailer never got sent, since it was obviously a waste of time.
It turns out that rent has not risen anywhere near as fast as home prices in the bay area. Rental managers found that unlike buyers, renters don’t have the income to accommodate higher prices. As the value of homes recently increased, rent has not. This is part of what triggered the recent condo conversion boom. Those who could afford to buy were making quite a bit of money over the past few years, while those couldn’t have missed out.
While the elected bodies in the immediate area have largely ignored the issue, people down in Sarasota are trying to do something about it. Herald writer Dale White says developers are not totally opposed to the idea, as long as they get something out of it. They point to Manatee County’s successes with a similar project.
I wonder what Tampa’s downtown skyline would look like if developers required to make 10% of the units really “affordable”?
I bet we’ll never know.
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April 24th, 2006 at 8:28 pm
tampans really need to get out more and see whats going on in the world. has anyone been to downtown orlando lately? its everything tamp shd be, but is not. same w ft lauderdale, w plam beach, hollywood and downtown miami. this city is so ass backwards, one fears it is 15 years behind development times, at least.
May 8th, 2006 at 6:14 am
Uh, excuse me, but rents have skyrocketed in Tampa due to the shortage of rental units available — a byproduct of the condo conversion boom. You will be hard pressed to find a 1/1 for less than $700! Nicer areas go for close to $850-$1000! If you can afford that — you can afford to buy!