Quote:
Originally Posted by We vs us
Miles and miles and miles of 2 and 3 flats in Chicago.
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Yes, I grew up in a three flat. South side. Three beds, one bath, 1200 sq. ft., virtually all of it usable - except for the interior wall thicknesses. All utilities, laundry sinks, etc., were in the basement. (Livable area in Industry Soma is probably 600 to 700 sq. ft.)
It had an alley behind it I could play in, and later set up a basketball hoop. it had a back yard i could play in. It had a front yard i could play in. I played in the basement. Each of the three apartment were given an enclosed storage area in the basement bigger than these bedrooms. I made models and set up chemistry sets in ours.
Don't sugar-coat this project. It may or may not be a notch better than the Taylor Homes or Pruitt-Igoe, but it is still just warehousing people. Probably devilishly called Soma because the only way a family could stand living there would be being zonked out on Soma.
Does anyone know if under the Affordable Housing rules an owner could ever build up significant equity (assuming there will always be a buyer for anything)?
And to repeat, are we subsidizing what for the new unit owners is for all intents and purposes a cheap apartment project but one where the developer gets to cash out immediately, and the owners are on their own?
We are giving this developer $3 million dollars to build this and bail. If they sell out at list price they will get $387 per gross sq. ft. Taxpayers are giving the developer $211 of that. Taxpayers should be entitled to a statement of all the projected income, expenses and profits on this project and after completion a statement of actual numbers