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We Need More Affordable Housing

We Need More Affordable Housing

So let’s kick out the people that need it

Christopher Ebert
February 21, 2023

The article this week that caught my eye is here.

Let me hit you with the highlights.

The people who live in the Buena Vista Mobile Home Park have found an affordable place to live in one of the most expensive housing markets in the country - Palo Alto.

The owner of the mobile home park, the Santa Clara County Housing Authority, wants to demolish all of the existing structures to build a new apartment building on one end, and replace all the mobile homes, of varying ages and condition, with new ones.

Current residents will have an option to either purchase or rent one of the new units. And the Housing Authority is offering to buy the existing mobile homes from their owners--at an estimated price of $5,000 to $75,000.

Does anyone else see something wrong with this? Expand affordable housing? Great. Kick out the existing residents and provide “an option to either purchase or rent one of the new units”? Completely tone deaf.

Government involvement in some way, shape or form is the only realistic option to alleviate an affordable housing shortage, however, articles like this give me little faith in that option either.

Enjoy!

What We Are Reading

The Goods - Manufactured Housing

Residents at Palo Alto mobile home park may have to relocate for redevelopment — Palo Alto, CA

The effort to build new housing in the Bay Area is meant to help lower income residents, but it can also come at a price for those who need that help.

Rent could skyrocket for residents of over-55 mobile home park after leases ended up in spam folders — Largo, FL

Residents of a Largo over-55 manufactured home community say their lot rents could skyrocket because they weren’t able to sign new “lifetime leases” when the park was sold.

Design estimate for Phillips Mobile Home Park redevelopment at $1.75M to $5.25M — Pitkin County, CO

The residents' outside storage area at Phillips Mobile Home Park off Lower River Road is shown in this photo from January. During a work session on Tuesday, Pitkin County commissioners discussed the redevelopment of the community, including new plans for storage.

Euclid Beach Mobile Home Community still hopes they'll avoid having to move out — Cleveland, OH

Tenants living at the Euclid Beach Mobile Home Community in Cleveland's Collinwood neighborhood spoke-out loudly during a Feb. 13 news conference demanding they be allowed to stay in their homes.

$80 million upscale apartments proposed at former Sycamore Township mobile home park — Sycamore Twp, OH

Sycamore Township could be home to nearly 400 upscale apartments if a local developer receives approval for a zoning change at site along Interstate 275.

SB298 Takes Crucial First Step For Stabilizing Housing For Vulnerable New Mexicans Including Mobile Home Owners — Los Alamos County, New Mexico

SB298, introduced by Senator Siah Correa Hemphill and Senator Bill O’Neill, takes a crucial first step toward stabilizing housing for vulnerable New Mexicans.

Landlords push back on pro-tenant, mobile-home park bills — Montana

A pair of Republican-sponsored bills intended to help mobile-home park residents weather Montana’s acute housing shortage drew vehement opposition from park owners, real estate agents and the Montana Landlord Association in their initial hearings Monday morning.

Waterbury mobile home parks awarded state grants to fix water, septic systems — Waterbury Center, VT

Two Waterbury mobile home parks will receive state grants to assist with upgrades to septic and water systems, according to an announcement from the state on Wednesday.

Dramatic Rent Increases Target Of Proposed Manchester Ordinance — Manchester, NJ

The Manchester Township Council introduced an ordinance Monday that aims to limit how much property owners can increase rent for those who live in mobile homes or manufactured homes.

Hollywood Mobile Home Park tenants seek assistance amid shutdown — St. Joseph County, IN

Time is ticking for the people living at a St. Joseph County mobile home park to vacate their homes. Hollywood Mobile Home Park is being cleared away to be prepped for sale.

Proposed bill would limit specific landowners’ rights — Washington

Current legislation introduced in both the state House and Senate would prohibit a specific type of landowner from selling their real property for just over one year after the land is advertised for sale. This would only apply if you’re the landowner of a manufactured housing community.

WA lawmakers propose protections for mobile home residents — Washington

Washington lawmakers are looking at several ways to help mobile and manufactured home residents who have faced cost increases in recent years.

Owner, resident involvement leads to drop in trailer park's crime rate

When Richard Miller moved into Glenn’s Park in 2013, police responded to the trailer park 132 times to investigate reported offenses ranging from assaults to disorderly conduct.

FirstBank Invests in Zippy to Increase Access to Affordable Housing — Nashville, TN

On Feb. 15, 2023, Nashville - based FirstBank announced an investment in Zippy , the fintech company offering fully digital, fast and seamless manufactured home loans. Through this investment, FirstBank furthers its commitment to innovative community-minded banking solutions by pairing its expertise with Zippy's industry-first technology to broaden opportunities for affordable homeownership.

Crews Remove 200,000 Lbs. of Waste from California Trailer Park — Stockton, CA

San Joaquin County Sheriff's Office and other agencies recently joined together to clean up a dump pile in a Stockton mobile home park. Officials transferred nearly 200,000 lbs. of trash from the park, where residents say the filth has caused an infestation of rats and other public health issues.

General Real Estate News

Slowing Rent Growth, Shrinking Profits Show Multifamily REITs Coming Back To Earth. (Link)
Brookfield defaults on $784M on loans connected to DTLA office towers. (Link)

Regulatory and Affordability

Scenes from the affordable housing crisis. (Link)
The real fix for NYC affordable housing is new elected officials. (Link)
U.S. Cities Investing in More Affordable Housing. (Link)
Sarasota County approves impact fee changes in hopes of promoting affordable housing. (Link)
Promise, challenges for affordable housing. (Link)
Group calls $12B plan to end homelessness in Seattle region 'infeasible,' 'incomprehensible'. (Link)

Charts Making Us Smarter

Public Markets Corner

Flagship Communities Real Estate Investment Trust To Host Conference Call For Fourth Quarter 2022 Results.

Flagship Communities Real Estate Investment Trust (TSX: MHC.U) (TSX: MHC.UN) ("Flagship" or the "REIT") today announced that senior management will host a conference call on Friday, March 17, 2023 at 8:30 a.m. ET to discuss the REIT's fourth quarter 2022 results.

City of Elsmere sued by Garvey Farm, Flagship Communities over mobile home park plans.

A Northern Kentucky city is facing a lawsuit accusing it of unlawfully blocking the expansion of a local mobile home park.