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“I just don’t have $125”

“I just don’t have $125”

Who is to blame?

Christopher Ebert
February 06, 2023

First, I’d like to highlight a video (link here) that is a great follow-up to last week’s newsletter. My hat is off to Julio Jaramillo for a well articulated argument against the false hope of rent control.

Now, to the topic at hand….

They did not know if their rent would be increasing. Simms said if the rent increases by $125, she cannot afford it.

“I just don’t have $125,” she said.

This excerpt is from an article last week (link here). Scapegoating is a dangerous game, but humor me for a second and ask yourself, who is to blame for the inability of this person to have an extra $125? Is it the poor tenant? Is it the greedy landlord? Is it the negligent federal government not tracking minimum wage to inflation, or providing a sufficient social safety net? As usual, I don’t have the answer, but it’s a great question to ask.

Enjoy!

What We Are Reading

The Goods - Manufactured Housing

A Challenge to & Suggestion for, the MHIndustry — Indianapolis, IN

Last week I emailed the following Challenge & Suggestion to dozens of manufactured housing industry leaders and land lease community owners/operators throughout the U.S. And we’ve been receiving helpful replies; but first, the Challenge & Suggestion (lightly edited. GFA).

State legislators seek to give mobile home park residents remedies to stop high rent increases — Killingworth, CT

Some 150 senior citizens jammed the community center at Beechwood Mobile Home Park Sunday to strategize with state lawmakers on how to deal with rent increases they say they can’t afford on their fixed incomes.

Windsor is next in Sonoma County to limit rent hikes in mobile home parks — Santa Rosa, CA

On the heels of Santa Rosa, the Windsor Town Council voted Wednesday to enact stricter rent control for mobile home park residents, who’ve lobbied officials to rein in rent increases for months.

Mobile home park residents continue to struggle, face new hurdles in 2023 — Princeton, WV

Mobile home park residents across Mercer County, W.Va. said Thursday they’re facing increased pressure to vacate their homes. Three different residents WVVA spoke with said they received the exact same notice on Wednesday.

West Acres Mobile Home Park residents face 50% increase in lot rent — Steamboat Springs, CO

Residents at West Acres Mobile Home Park on the west side of Steamboat Springs are facing a nearly 50% increase in lot rent that is set to take effect April 1.

Future of Glenwood’s Three Mile Mobile Home Park up in the air — Glenwood Springs, CO

The future is uncertain for the residents of Three Mile Mobile Home Park in Glenwood Springs. Social-justice nonprofit Manaus has been working to secure financing and purchase the park for $2.4 million so they can sell it back to the residents under a relaxed timetable, but a volatile real estate market has made for a difficult process. (Aspen Public Radio received a $5,000 grant from Manaus in 2022.)

Bipartisan bill to help Arizona mobile home park residents advances — Phoenix, AZ

As mobile homes continue to be displaced by development, a bipartisan bill aims to increase funding to a program to provide relief to those impacted.

St. Pete mobile home community makes progress in fight against rent increase — Tampa, FL

8 On Your Side is helping a local mobile home community fight an unexpected rent and tax increase, cutting through the red tape and showing them a path to challenging the double whammy.

52 days without reliable running water: Did Colorado’s mobile home protections work for Summit County? — Summit County, CO

Local and state officials said a state agency designed to safeguard the rights of mobile home residents could have acted faster even as the end result showed its enforcement capabilities were successful.

Legislature aims to protect tenants — Forks, WA

State lawmakers are considering legislation to slow down rent increases for apartments, single-family homes, and in mobile home communities where hundreds of seniors live on the North Olympic Peninsula.

‘We’re talking about affordable housing’ — Minot, ND

Minot mobile home park residents reported a number of complaints in the year after their communities were purchased by Homes of America, LLC, joining a growing outcry against the mysterious company’s business practices.

Work to close unsafe Oasis Mobile Home Park ramps up; Riverside County will block move-ins — Riverside, CA

Riverside County will begin demolishing or removing some trailers at Oasis Mobile Home Park, and putting up barriers to prevent new tenants from moving in, under an agreement approved Tuesday by the board of supervisors. It's part of an effort to ultimately close the park, which has been beset for decades by health and safety hazards, including high arsenic levels in the water system.

East Lansing seniors can stay in manufactured home community, for now — East Lansing, MI

Four months ago, 77-year-old Lois Hagy thought she might have to leave her home after 20 years. Last March she and more than a dozen residents who live in manufactured homes in The Reserve at Falcon Pointe received a letter stating they had to move because the property owner, FP Investors, LLC, was changing the land use to a single-family condominium site.

Fannie Mae Multifamily Closes 2022 With $69 Billion in Volume — Washington, D.C.

Fannie Mae (OTCQB: FNMA) provided more than $69 billion in debt financing to support the multifamily market in 2022. Through our Delegated Underwriting and Servicing (DUS®) platform, along with our Low-Income Housing Tax Credit (LIHTC) equity, we delivered on our mission to provide access to affordable housing throughout the country.

Impact Communities Gives Free Home Improvements to 415 Families — Cedaredge, CO

Impact Communities, one of the industry's largest operators of manufactured home communities in North America, gave back to their residents in 2022 by improving over 415 homes through their affiliate, Impact Cares.

General Real Estate News

Blackstone’s $69 Billion Real Estate Fund Hit Monthly Redemption Limit in January. (Link)

It’s the Economy, Stupid

Summers Sees Risk of ‘Sudden Stop’ in Economy After Jobs Surge. (Link)

Regulatory and Affordability

Affordable Housing Is A Problem Of Hypocrisy. (Link)

Public Markets Corner

UMH Properties, Inc. Investor Presentation - February 2023.

Equity Lifestyle Properties Inc : Results of Operations and Financial Condition, Other Events, Financial Statements and Exhibits (form 8-K).

UMH Properties, Inc. announces promotion of Stephanie McQuay to director of diversity, equity and inclusion.

UMH Properties, Inc. (NYSE: UMH) is proud to announce the promotion of Stephanie McQuay to Director of Diversity, Equity and Inclusion. Ms. McQuay started at UMH in 2014 as an Administrative Assistant.

Recent Acquisitions

Manufactured Housing Properties Inc. acquires five new communities.

Firm Capital Property Trust Announces Acquisition of a 50% Interest in Two Manufactured Home Communities for $5.7M.

Deals We’re Reviewing

Property size: 3 STARS | 150 - 175 SITES
Target Price: $10,500,000