Affordable housing reaches quandary

[Judi Lynn]

March 7, 2006, 11:19PM
Affordable housing reaches quandary
Rents have risen as units are being demolished

By LYNN ADLER
Reuters News Service

NEW YORK - The United States is rapidly losing apartments to demolition, and rent on available units is rising, pinching consumers struggling with home affordability, according to a new study being released today.

The report from Harvard University's Joint Center for Housing Studies found evidence of growing disparities between low-income and higher-income renters in getting apartments.

"We are taking one step forward and two steps back as gentrification in some neighborhoods and continued deterioration in others leads to the removal of vitally needed lower-cost rental housing," Nicolas Retsinas, director of the Joint Center, said in a prepared statement. About 200,000 rental units are lost each year despite programs like the Low-Income Housing Tax Credit contributing affordable units.

"Difficulty accessing the resources needed to maintain this much needed housing too often sets off a cycle of disinvestment and demolition" of existing rental units, Retsinas said.
(snip/...)

http://www.chron.com/disp/story.mpl/business/3708288.html

[Jamison]

1. I see this a lot.

"The United States is rapidly losing apartments to demolition, and rent on available units is rising, pinching consumers struggling with home affordability, according to a new study being released today."

That's how it is in my area, a lot neighborhoods with older more affordable homes get bought out by developers & torn down to make way for $700,000 Mc Mansions.

[Digit]

2. Not in my area....

I spoke a month ago with a woman who was working at the local Kroger. She was renting a 1500 sf 3BR 2BA apt for $660/month. These are newer apts with swimming pool.
She had moved here to Raleigh from upstate New York.
There are not many jobs available here, but the huge increase in housing prices have not impacted this market.

[cleofus1]

3. that must be nice

a two bedroom here in anchorage goes for minimum 800 bucks a month...once you get to 3 bedrooms your talking 1000 plus...

[BR_Parkway]

5. In a lot of ways, Raleigh was overbuilt 3 years ago when we moved

away from there. Commercial and residential.

[Javaman]

4. This has all the makings of a new era of hoovervilles...

only this time they will be called bushtowns*.