Redevelopment authority - Mercedes-Benz Forum

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post #1 of 1 (permalink) Old 10-02-2008, 12:55 AM Thread Starter
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Date registered: Feb 2006
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Redevelopment authority

Ah yes, these pseudo governmental agencies force homeowners to sell their property by having the city condemn complete neighborhoods for not mowing the lawn, draw subsidies from taxpayers in the entire city,for the purpose of allowing developers to convert entire blocks into high den$ity housing units with some token public, retail and commercial spaces, while raising real estate prices to the point that the original denizens likely can't afford to live there anymore without section 8 funds which will be offered on taxpayer's expense to the developers so they can prop up property values in this house of cards.
What a racket in a no lose situation.

Downtown San Jose condos can't sell; developers turn them into rentals
By Joshua Molina
For city officials who spent millions in public subsidies trying to create a downtown full of committed homeowners, the trend stings. But they say there is no choice.

"The problem we have now is that a lot of for-sale units are coming online at the same time, and they are obviously struggling," said San Jose Housing Director Leslye Krutko. "Right now our concern is to try to stabilize the market."

The latest project to convert to rentals is [Ed: developer] Barry Swenson's Skyline, an 11-story, high-rise tower near Highway 87. The San Jose City Council approved the conversion Tuesday after Swenson closed his sales office and ceased marketing the 242-unit project because he couldn't attract buyers.
"We have to be realistic that this is the most difficult financial market we have ever seen," said John Weis, deputy director of the redevelopment agency.
Downtown San Jose condos can't sell; developers turn them into rentals - San Jose Mercury News

Last edited by mlfun; 10-02-2008 at 01:03 AM.
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