Apartment surge can’t stop housing decline http://t.co/OujA5edSv2

 

Gentrification is pushing long-term residents out of urban neighborhoods. One potential solution: http://t.co/xarxEP6x1O (via @AlanaSemuels)

 

Affordable Housing Crisis Grows Across the Country as Apartment Rents Skyrocket http://t.co/ZRnh85987p via @alternet @makeroomusa #makeroom

Developer begins work on downtown Boston apartment building with below market rents

 

https://www.bostonglobe.com/business/2015/12/27/developer-begins-work-downtown-boston-apartment-building-with-below-market-rents/psVg2gO8O32VYmjZAxqvtK/story.html

I went to an event in Cincinnati last summer where people were complaining about housing costs in Cincinnati...which I pointed out to them are basically the lowest in the United States.  Housing prices haven't recovered in most Cincinnati neighborhoods.  Here in the final week of 2015, prices are *still* significantly lower than the 2004-2008 peak in many if not most neighborhoods.  Tons of very nice 1500 sq foot homes currently listed at or well below $100k. 

Surprisingly, housing prices in Pittsburgh have shot up. Go to Zillow and click on some listings in the city's hottest neighborhoods.

 

There's now a growing discussion on the need for affordable housing in The Burgh.

That's why I am wanting to buy a second house as soon as possible.  Nobody seem to think ahead when you are fortunate enough to buy during an extraordinary lull in housing prices (and lending terms)...you need two of them so that you can stay in the neighborhood after selling one to pocket a gain. 

 

I have a friend who bought a hum-drum 1500 sq foot bungalow in East Nashville in 2010 for $100k.  It's now worth over $300k.  But housing prices have spiked so dramatically in every neighborhood in that city that for him to benefit from the gain he's thinking about moving to his wife's small town 100 miles away.  He could pay off his student loans and buy a house in that town with cash.  But if he had bought a second house he could have stayed in the city. 

Nearly half of Chicago residents can't afford where they live, study says

http://www.chicagotribune.com/business/ct-macarthur-foundation-housing-crisis-worries-0616-biz-20160615-story.html

Quote

from cleveland.com

 

Section 8 housing voucher expansion will need resources to ensure success: Thomas Bier

 

CLEVELAND -- Talk is underway about expanding and modifying the controversial “housing choice voucher program,” also known as Section 8. It currently gives 14,000 of Cuyahoga County’s poorest households more choice as to where they might live: a place that otherwise would be unaffordable.

 

The modification being considered would prevent landlords from simply rejecting voucher-holders as they now can do.

 

On the fringe of Detroit Shoreway...these people need some help according to this Scene article from last week.  

 

How HUD Subsidizes a Dangerous, Neglected Apartment Complex in Cleveland

Posted By Cid Standifer on Tue, Dec 21, 2021 at 9:21 AM

Terri Jackson has a long list of concerns about her government-subsidized apartment at Neal Terrace, a 121-year-old complex in Cleveland where she’s lived since 2012.

The carpet is peeling off the stairs and the banister is broken. Underneath the sink, there’s been a leak for so long that the pot set there to catch it has a thick layer of rust. She hasn’t been in the basement for two years because the patch of black mold on the wall and the pool that forms whenever it rains frighten her.

 

The rest of the article: 

 

https://www.clevescene.com/scene-and-heard/archives/2021/12/21/how-hud-subsidizes-a-dangerous-neglected-apartment-complex-in-cleveland?utm_source=feature&utm_medium=home&utm_campaign=hpfeatures&utm_content=HomeTopFeature&fbclid=IwAR2RtLGchWiUQmNwUf6Mr01zJqLoylvXABGdF7o21IhIqMPMWdrWC2KqWOE

1 hour ago, Cleburger said:

On the fringe of Detroit Shoreway...these people need some help according to this Scene article from last week.  

 

How HUD Subsidizes a Dangerous, Neglected Apartment Complex in Cleveland

Posted By Cid Standifer on Tue, Dec 21, 2021 at 9:21 AM

 

This is absolutely disgusting. This is criminal. This is proof the system is broken and perhaps even more proof that simply increasing funding to try and fix this broken mess is a mistake. 

 

30 minutes ago, surfohio said:

 

This is absolutely disgusting. This is criminal. This is proof the system is broken and perhaps even more proof that simply increasing funding to try and fix this broken mess is a mistake. 

 

Increasing funding? Lol. Yes certainly the problem has been the continued enlargement of the public housing budget. 

1 hour ago, bumsquare said:

Increasing funding? Lol. Yes certainly the problem has been the continued enlargement of the public housing budget. 

 

I didn't say that was the problem, it's the implementation and the oversight.

 

Read the article and tell me otherwise. 

42 minutes ago, surfohio said:

 

I didn't say that was the problem, it's the implementation and the oversight.

 

Read the article and tell me otherwise. 

Nice twisting of words BS.  Absolutely correct Surfohio.  Having worked for HUD in DC, trust me this was my frustration.  Unfortunately, Dems can seldom see any other solutions other than simply increasing funding, which yes has made me cynical of Dems, even though I am one.

correction: used to be one.

Edited December 27, 20213 yr by willyboy

Ive always enjoyed the look of those terraces, i am seriously dismayed that their worse than they seemed.

 

No excuses to let these rot the way HUD is doing so

 

*Read the article again and realized these are subsidized but privately ran apartments, correct?  Nonetheless its hard to believe these pass any sort of inspection..

Edited December 27, 20213 yr by FutureboyWonder

^ Same here, they look great, such a shame to see them in this state. It’s appalling. 
I hope it’s east-side doppelgänger at Chester/ 41st is faring much better. 

4 hours ago, surfohio said:

 

This is absolutely disgusting. This is criminal. This is proof the system is broken and perhaps even more proof that simply increasing funding to try and fix this broken mess is a mistake. 

 

 

My wife and I were dropping off food there during a food drive and watched people try to break into our car twice, while we were 50 feet away. 

 

It was one of those situations where I wasn't even mad - seeing the condition of the area made me feel that I would've been doing a lot worse for money and food 

A great thread on why providing affordable housing is less expensive than criminalizing homelessness. And most homeless aren't drug users. For those that are, they became drug users AFTER they became homeless...

 

 

The solution to more-affordable housing is

More Housing.

https://www.strongtowns.org/journal/2023/1/3/theres-no-such-thing-as-affordable-housing

Too bad the the statehouse is making housing more difficult to develop by arbitrarily making affordable projects ineligible for the historic tax credits. 

On 3/12/2021 at 9:27 AM, X said:

 

I find these rules trying to get landlords to play along with the section 8 programs rather comical. The problem is not that landlords have an issue accepting Section 8 money, they do not. The problem is that dealing with Section 8 in most larger cities is a royal pain in the a$$ and many landlords do not want to bother with the hassle. Therefore, it is easier just to say as a blanket that they do not accept Section 8. 

I get there are negative perceptions of the programs by the public, but most people in housing know that the Section 8 tenants are not the issue or the problem, but rather it is the government red tape. 

 

Columbus just changed their program to ban landlords from refusing to accept Section 8 and it really has not changed anything. There are numerous legal ways to ban Section 8 tenants (despite a rule stating otherwise) and they will continue to be implemented despite what politicians try and do behind the scenes. 

I am a Landlord. I want NOTHING to do with section 8. Ive been inside enough section 8 properties to know the level of property destruction the average section 8 tenant brings with them.

5 hours ago, StapHanger said:

Too bad the the statehouse is making housing more difficult to develop by arbitrarily making affordable projects ineligible for the historic tax credits. 

When did this happen?

^Today.  

 

DeWine signs bill that impacts financing, taxes for affordable housing but says new incentives are coming

 

https://www.crainscleveland.com/real-estate/gov-mike-dewine-leaves-house-bill-45-intact-previews-new-aid-housing

 

In signing House Bill 45, a major spending bill, the governor declined to strike a provision that will bar developers from marrying federal low-income housing tax credits and state historic preservation tax credits. Additional language in the bill will allow county auditors to set values for affordable housing projects by looking at comparable market-rate properties.

 

ADDENDUM: I should add that the article makes clear the law change would not affect the Centennial or Warner and Swaysey which were awarded credits already. 

Edited January 7, 20232 yr by StapHanger

8 hours ago, StapHanger said:

^Today.  

 

DeWine signs bill that impacts financing, taxes for affordable housing but says new incentives are coming

 

https://www.crainscleveland.com/real-estate/gov-mike-dewine-leaves-house-bill-45-intact-previews-new-aid-housing

 

In signing House Bill 45, a major spending bill, the governor declined to strike a provision that will bar developers from marrying federal low-income housing tax credits and state historic preservation tax credits. Additional language in the bill will allow county auditors to set values for affordable housing projects by looking at comparable market-rate properties.

 

ADDENDUM: I should add that the article makes clear the law change would not affect the Centennial or Warner and Swaysey which were awarded credits already. 

Sounds about right, at a time when we should be doing all we can to make sure affordable housing gets built 🙄

Fantastic podcast explaining why we don’t get more new family oriented apartment developments in the US. Bloomberg hosts interviewing two of my favorite Twitter follows on urban development, Bobby Fijan and MarketUrbanism (Stephen Jacob Smith). 
 

 

Apple podcast link: https://podcasts.apple.com/us/podcast/odd-lots/id1056200096?i=1000601790752

I really enjoy the dunking on NIMBY politicians. 

 

One reason why GOPers cut funding for low-income housing. Too many of them view homeless people as without value. It should be noted that 10 percent of homeless are veterans. And 100 percent are human beings.

 

 

^"stop being poor!"

A huge number of the homeless have mental illnesses. I guess according to this guy we should start some 'final solution" stuff-they did start with the mental hospitals and places for the developmentally disabled. smh.

Why can't Cleveland do this?

 

https://www.latimes.com/california/story/2024-06-05/in-skid-row-a-19-story-residential-tower-for-homeless-people-will-offer-gym-cafe-art-studio

Ohio Chamber, Ohio Capital Corp. for Housing among groups proposing 2025 affordable housing platform to state

 

Several statewide organizations have announced a new platform to increase affordable housing in Ohio.

 

The affordable housing and business organizations want the state to support more incentives for housing, help communities modernize zoning codes and back efforts to diversify housing.

 

Their platform outlines 11 policy proposals along four main policy goals.

 

The Coalition on Homelessness and Housing in Ohio, the Ohio Capital Corp. for Housing, the Ohio Housing Council, Enterprise, Habitat for Humanity of Ohio, NeighborWorks Collaborative of Ohio, the Ohio Chamber of Commerce, the Local Initiatives Support Corp., Ohio CDC Association and the Ohio Land Bank Association are behind the proposal.

 

More below:

https://www.bizjournals.com/columbus/news/2024/12/10/home-matters-to-ohio.html

 

Costco is building apartments above its stores to address the affordable housing crisis, starting early this year. 

 

Walking downstairs and getting a $1.50 hot dog gives new meaning to “affordable walkability.”

 

It includes free membership, a rooftop pool, fitness area, gardens/ courtyards, and a community space.

 

Los Angeles is the first residential complex with 800 apartments and a built-in store.

 

Another is planned in suburban Rochester, NY...

 

https://www.rochesterfirst.com/penfield/penfield-costco-proposal-withdrawn-new-plan-expected/

16 minutes ago, KJP said:

Costco is building apartments above its stores to address the affordable housing crisis, starting early this year. 

 

Walking downstairs and getting a $1.50 hot dog gives new meaning to “affordable walkability.”

 

It includes free membership, a rooftop pool, fitness area, gardens/ courtyards, and a community space.

 

Los Angeles is the first residential complex with 800 apartments and a built-in store.

 

Another is planned in suburban Rochester, NY...

 

https://www.rochesterfirst.com/penfield/penfield-costco-proposal-withdrawn-new-plan-expected/

God this would be amazing haha. Columbus needs to try and get this downtown and change the grocery game 

Boy this is definitely not your parents Costco.  Where is the sea of surface parking?

Costco knows that they normally struggle with getting apartment dwellers to shop at their stores. It's seen as a store for people with McMansions to fill their cavernous spaces with bulk sizes that they slowly chip off of over the course of six months. Most big retailers don't want to be landlords but Costco must feel they need to be one in order to get these customers.

There has to be parking nearby. No way Costco and its already limited margins can exist primarily for nearby residents unless the business model drastically changes. 

 

Or maybe it's playing the loss leader game i.e. Heinens, Times Square, Michigan Avenue (in better days).

Edited January 5Jan 5 by TBideon

15 hours ago, Htsguy said:

Boy this is definitely not your parents Costco.  Where is the sea of surface parking?

 

Behind the building.  Or perhaps a garage.  Let's be real, a big box store without ample parking is doomed.

Edited January 5Jan 5 by E Rocc

2 hours ago, TBideon said:

There has to be parking nearby. No way Costco and its already limited margins can exist primarily for nearby residents unless the business model drastically changes. 

 

Or maybe it's playing the loss leader game i.e. Heinens, Times Square, Michigan Avenue (in better days).

Not sure why it has been so hard to find but an article I found said it will have a multi level parking garage underground. It is also a prefabricated modular build apartment. 

3 hours ago, GCrites said:

Costco knows that they normally struggle with getting apartment dwellers to shop at their stores.

Maybe they are hoping the people living in the apartments will want to work there, and aren’t banking on them being the main shopping force. 
 

You can get some good deals without buying a huge amount of bulk items also. I also wonder if anyone renting would get a free membership, which would make buying a small amount of items even better. 

Edited January 5Jan 5 by VintageLife

^That's the other thing, most people living in urban areas currently have to drive really far to get to a Costco. I live in another suburb yet I can get Downtown way faster than I can get to the nearest Costco.

 

Yes, a free membership is a part of being a tenant in the building above.

2 hours ago, GCrites said:

^That's the other thing, most people living in urban areas currently have to drive really far to get to a Costco. I live in another suburb yet I can get Downtown way faster than I can get to the nearest Costco.

 

Yes, a free membership is a part of being a tenant in the building above.

In most large high-density metro areas we have seen there is a Costco within easy reach with many having adjacent garages (they even have 4-5 stores in the hihg-density San Juan metro area).  While they purposely have lower profit margins they count on very high-volume, loyalty and strong employee benefits to differentiate from the others.  Developers finally luring Costco to their mixed use developements makes sense as traditional grocery stores are already part of mixed-use developments nationwide.  Costco is actually late to the game but briliantly market their efforts as a win-win - more business volume and positve PR by being partners in the affordable housing discussion.

CNBC Youtube video- featuring Cleveland West side neighborhoods and Lakewood in their footage.

 

Why Americans Can’t Find Starter Homes

 

Nothing profound, but It was fun to see the skyline and tree canopy. 

1 hour ago, WhatUp said:

CNBC Youtube video- featuring Cleveland West side neighborhoods and Lakewood in their footage.

 

Why Americans Can’t Find Starter Homes

 

Nothing profound, but It was fun to see the skyline and tree canopy. 

Cleveland has far less barriers as there are plenty of older homes with solid bones for the taking.   

 

I continue to preach to younger generations to consider a solid Cleveland two or three family as a starter.   You have rental income helping subsidize your purchase and upgrades.  There are other benefits as well--for instance a tenant moves out of the other unit--you can customize it to your liking, then move into it and rent out the half you were just in.    Sure there are some more risks with maintenance etc, but you also have positive rental income helping with this, which you would not have at all in a single family.   

 

I restarted this way after a divorce and now have four homes in my inventory.