KCRag Forum

moderne wrote: ↑Tue Jan 31, 2023 11:31 am What wisdom did the Funk have to contribute?

Boston Mayor Michelle Wu and the city council celebrated an ambitious housing acquisition made in October. The city finalized a deal in October to buy 36 mostly three-story, multi-family buildings in the East Boston neighborhood for $47 million, forming the East Boston Neighborhood Trust to manage the properties with deed restrictions to keep all of the units affordable in perpetuity.
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The city says the portfolio will be converted to a Mixed Income Neighborhood Trust, where units will be priced for a range of incomes, made affordable to people making 50% of average median income at the low end and 100% of average median income on the high end.

In addition to CARES Act and American Rescue Plan funding, the city invested money from its Acquisition Opportunity Program (AOP), which provides loans to affordable housing providers and nonprofits to acquire properties, provided they keep the units affordable for at least 50 years, with at least 40% of the units affordable to low- and moderate-income people. The program was created in 2016 in response to rapid speculation from investors.

After receiving $5 million of funding in 2019, the council used American Rescue Plan dollars to add $50 million of funding to the AOP between 2021 and 2022, making it among the more robustly funded housing acquisition programs of its kind in the country. It has since funded the acquisition of 113 buildings and 814 units of housing since 2016, according to a February presentation by the Mayor’s Office of Housing.
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Tenants of the Gladstone Court Apartments are making demands for safe, affordable housing of the building’s new owner after the company nearly tripled the rent with 30 days notice.
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In January, their utilities were shut off over a weekend following a fire in the basement, leaving them without heat or electricity. They were eventually turned back on after inspections were completed and pressure from the union. However, poor living conditions have persisted for years.

FTW Investments, the owner of the property at the time, sold it to a new ownership entity, Wiser LLC, based in New Jersey.

“The property is now managed by Rubicon Realty, based in Arizona,” according to a press release from KC Tenants. “As of two weeks ago, the new owner sent notices to tenants at the property, informing them that their leases will not be renewed. Tenants in the building, all of whom are immigrants or refugees, do not have anywhere else to go.”

They were offered new lease agreements at nearly triple the current rent, going from $300 or $400 to $1,100. Tenants have said they won’t go when their leases are up later this month. They’re also asking for their appliances, broken windows and apartments to be repaired.
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taxi wrote: ↑Sat Mar 11, 2023 11:38 am Glad to see KC Tenants is trying to help these people. This kind of shit is infuriating.

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Hundreds of people expecting to receive Section 8 vouchers from the Housing Authority of Kansas City endured a long and chaotic wait Saturday, only to leave frustrated and empty handed.
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Independence resident Shanail Kleihauer said she waited six hours without getting screened.

“And then we get here and we find out the vouchers are not even being given out to people," Kleihauer said. “On our letters it says that the vouchers are gonna be given out to the people that are eligible for it.”
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Kansas City’s Houseless Prevention Coordinator Josh Henges said he couldn’t comment on specifics of the event but did say he understood peoples’ frustrations.

“The waitlist is years long,” Henges said.

He added there are 14,000 people on that list in Jackson County and the county is 40,000 units short on affordable housing units.

“We’re desperate for (housing),” he said.
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FangKC wrote: ↑Fri Mar 10, 2023 10:49 pm North Lawn tenants demand safe, affordable housing

Tenants of the Gladstone Court Apartments are making demands for safe, affordable housing of the building’s new owner after the company nearly tripled the rent with 30 days notice.
...
In January, their utilities were shut off over a weekend following a fire in the basement, leaving them without heat or electricity. They were eventually turned back on after inspections were completed and pressure from the union. However, poor living conditions have persisted for years.

FTW Investments, the owner of the property at the time, sold it to a new ownership entity, Wiser LLC, based in New Jersey.

“The property is now managed by Rubicon Realty, based in Arizona,” according to a press release from KC Tenants. “As of two weeks ago, the new owner sent notices to tenants at the property, informing them that their leases will not be renewed. Tenants in the building, all of whom are immigrants or refugees, do not have anywhere else to go.”

They were offered new lease agreements at nearly triple the current rent, going from $300 or $400 to $1,100. Tenants have said they won’t go when their leases are up later this month. They’re also asking for their appliances, broken windows and apartments to be repaired.
...

https://northeastnews.net/pages/north-l ... e-housing/

Anthony_Hugo98 wrote: ↑Tue Jan 31, 2023 12:14 pm

moderne wrote: ↑Tue Jan 31, 2023 11:31 am What wisdom did the Funk have to contribute?

Funk and wisdom don’t belong in the same sentence

If the rate of multifamily development in Dallas stays at its current construction pace of about 4,000 apartments built a year, rent is expected to increase by 85% to 123% in the next 10 years. But with a faster pace of construction that would add about 10,000 new units a year, rents in Dallas would rise 47% to 85%, yielding more affordability for current and future residents.

DaveKCMO wrote: ↑Sun Jun 04, 2023 10:44 am Surely there's a similar process we can implement here that encourages developers and staff to work faster? All of the developers I talk to say KCMO is the worst and lots of housing talk at City Hall, but nothing seems to be getting better.

Cratedigger wrote: ↑Fri Jun 23, 2023 5:30 pm Since 2009, rent prices have outpaced income growth in nearly all of the 50 most populated US metros. Only Providence, Buffalo, Cleveland, and Pittsburgh have seen income growth surpass rent increases, resulting in a decline in the rent-to-income ratio.

Still, KC is one of the 10 most affordable metros.

The most affordable cities for renters based on the current rent-to-income ratio are:

Cincinnati, Ohio (15.5%)
Pittsburgh, Pennsylvania (16.2%)
St. Louis, Missouri (16.4%)
Minneapolis, Minnesota (16.6%)
Buffalo, New York (16.8%)
Milwaukee, Wisconsin (17.1%)
Providence, Rhode Island (17.2%)
Cleveland, Ohio (17.2%)
Kansas City, Missouri (17.4%)
Louisville, Kentucky (17.5%)

https://www.prnewswire.com/news-release ... 54838.html

For a measure of historical nationwide income, we use the St. Louis FRED’s Real Median Income measure.

Cratedigger wrote: ↑Fri Jun 23, 2023 5:30 pm While KC is one of the 10 most affordable metros currently, it experienced rent increases of 9% between 2022 and 2023. Good for 6th highest in the country by that metric. We need more supply in the city and the pipeline does not inspire confidence right now.