Income Restrictions to Rent

Defying · Mar 26, 2010

We are looking for a new place to live. In my small city, lofts are the new cool thing. They are huge and beautiful. The newest lofts have income restrictions, because they receive some kind of government funding... But listen to how ridiculous this is...

for 2 people, for their biggest 2 BR Loft: You cant make MORE than 27k!!!

WHAT! 27k between 2 people combined. These places are brand new, and at least 1400 sq feet and highly desirable, yet they can't allow a couple who combined makes over $27,000 a year in... Rent is $700 a month..

Excluding your electrice bill, water bill, cable and internet bill, that $700 a month, at the MAX income allowed is 31% of their total income! WHAT!!

No wonder everyone is in debt, our country forces you too... You include a small estimate of electric, water, cable and internet, thats 44% of your total income....

I've heard of income restrictions before, but this is insane... ISN"T IT?

zeeman · Mar 26, 2010

Funny thing is if your combined income is less than $27,000 you won't qualify to rent a normal unit that is not subsidized

celticGreen+ · Mar 26, 2010

i think, especially /w new loft apartments, the problem is many of them were never intended to be rentals. Here in portland I've seen so many beautiful new builds that clearly were never intended as rentals, but now because of the market have been converted as such. I wonder if this is a way for the owners/developers to recoup SOME money?

ProPokerPlayer · Mar 26, 2010

Why would they try to rent the apts for say 900 to a working guy and have to worry about collecting the rent every month when they can rent the same apt to a Sec8 tenant and get a check from the govt every month for 1100 for the same apt.

I have several customers who rent 600 buck apts to Sec 8 tenents for 1100....The tenant is supposed to pay 50-150 of it, he doesnt care if the tenant pays or not, he's still getting damn near double from the govt....plus if the tenant owes him money they never complain and he doesnt have to fix anything...1 guy had a woman go to jail for 18 months....Govt sent him a ck every month for the empty apt....

Everything is changing now, buisnesses are no longer making long term plans on what they think the private sector will do but are making their decisions based on what the Govt will do for them...Its the new Govt based economy......Some people call it...."sharing the wealth".....it should actually be called "shredding the wealth"

Defying · Mar 26, 2010

ProPokerPlayer said:
Everything is changing now, buisnesses are no longer making long term plans on what they think the private sector will do but are making their decisions based on what the Govt will do for them...Its the new Govt based economy......Some people call it...."sharing the wealth".....it should actually be called "shredding the wealth"

PPP, I didn't mean for this to become political.

However, I hope what you said is not true. Businesses that operate like that will kill the whole idea of captialism...

Our downtown area has been going under a 5 year revitalization. It was pretty hood, but man what a difference 5 years has made. The area right outside is still pretty bad, but downtown is rather safe, nice, and with alot of little shops, new restrurants, and things to do.

These new lofts were built in an abdanon warehouse, they were built for the purpose of renting. I think its makes sense because these particular lofts at on the very edge of the ghetto and the nice part of downtown. The same company that owns the very expensive, nicest lofts downtown, also owns these.

I guess it is kind of a balancing act to ensure profits, but I hope NO company would rely on the government to make a profit. Although, I imagine I am ignorant.

Betallsports · Mar 26, 2010

Defying said:
We are looking for a new place to live. In my small city, lofts are the new cool thing. They are huge and beautiful. The newest lofts have income restrictions, because they receive some kind of government funding... But listen to how ridiculous this is...

for 2 people, for their biggest 2 BR Loft: You cant make MORE than 27k!!!

WHAT! 27k between 2 people combined. These places are brand new, and at least 1400 sq feet and highly desirable, yet they can't allow a couple who combined makes over $27,000 a year in... Rent is $700 a month..

Excluding your electrice bill, water bill, cable and internet bill, that $700 a month, at the MAX income allowed is 31% of their total income! WHAT!!

No wonder everyone is in debt, our country forces you too... You include a small estimate of electric, water, cable and internet, thats 44% of your total income....

I've heard of income restrictions before, but this is insane... ISN"T IT?

Industrial and commercial buildings to residential loft communities were Built for the " starving Artists " of the world.
Someone that didn't have much Money, and would use it to Live & Work at.
There is a few places in Long Island City where the Person or Persons living in one, must Prove they are Working from that Location as an Artist
selling his work ( or trying to )
They are Paying about $400-$600 for a 1500-2000 sq ft Loft

Defying · Mar 26, 2010

Betallsports said:
Industrial and commercial buildings to residential loft communities were Built for the " starving Artists " of the world.
Someone that didn't have much Money, and would use it to Live & Work at.
There is a few places in Long Island City where the Person or Persons living in one, must Prove they are Working from that Location as an Artist
selling his work ( or trying to )
They are Paying about $400-$600 for a 1500-2000 sq ft Loft

Good Info.. didn't know any of that.. Lofts are a very very hot trend here...

celticGreen+ · Mar 26, 2010

this used to be steam pump factory, amazing how much they're getting for these things - and they're not even in a prime part of town:

http://www.archstoneapartments.com/Templates_Metro/CommunityFloorPlans.aspx?NRMODE=Published&NRNODEGUID={8DC43FAE-DE1F-4C18-A19D-620CD6851E0C}&NRORIGINALURL=%2fApartments%2fMassachusetts%2fBoston%2fArchstone_Kendall_Square%2ffloorplans.htm&NRCACHEHINT=NoModifyGuest

Betallsports · Mar 26, 2010

Defying said:
Good Info.. didn't know any of that.. Lofts are a very very hot trend here...

Don't get me wrong, Go to some of these Lofts in the City ( well Loft Style )
and you will pay through your Nose $3,500 -$10,000

Betallsports · Mar 26, 2010

celticGreen said:
this used to be steam pump factory, amazing how much they're getting for these things - and they're not even in a prime part of town:

http://www.archstoneapartments.com/...uare/floorplans.htm&NRCACHEHINT=NoModifyGuest

That's pretty funny, We have Archstone here on Long Island....They are all High Priced.

Defying · Mar 26, 2010

Betallsports said:
Don't get me wrong, Go to some of these Lofts in the City ( well Loft Style )
and you will pay through your Nose $3,500 -$10,000

thats why ill never live NY NJ area... thats just dumb... Most expensive apt I know about in this city is $1300....

crazy....

celticGreen+ · Mar 26, 2010

Betallsports said:
That's pretty funny, We have Archstone here on Long Island....They are all High Priced.

i swear they own everything (that's considered luxury) now in my hometown.

Doug · Mar 27, 2010

Defying said:
PPP, I didn't mean for this to become political.

However, I hope what you said is not true. Businesses that operate like that will kill the whole idea of captialism...

Our downtown area has been going under a 5 year revitalization. It was pretty hood, but man what a difference 5 years has made. The area right outside is still pretty bad, but downtown is rather safe, nice, and with alot of little shops, new restrurants, and things to do.

These new lofts were built in an abdanon warehouse, they were built for the purpose of renting. I think its makes sense because these particular lofts at on the very edge of the ghetto and the nice part of downtown. The same company that owns the very expensive, nicest lofts downtown, also owns these.

I guess it is kind of a balancing act to ensure profits, but I hope NO company would rely on the government to make a profit. Although, I imagine I am ignorant.

I imagine many firms rely on the gov't to profit.

Farmers paid not to grow something, for example. I'm sure many gov't contractors rip the shit of Uncle Sammy.

What is this section 8 stuff anyway ? How do you get on that ? The gov't just pays your rent, if you are the correct type ? I thought section 8 was Klinger wearing dresses to get out of the Army ?

Fishhead · Mar 27, 2010

Defying said:
thats why ill never live NY NJ area... thats just dumb... Most expensive apt I know about in this city is $1300....

crazy....

Where in Haiti do you actually plan on living?

Doug · Mar 27, 2010

Fishhead said:
Where in Haiti do you actually plan on living?

I think you got him wrong FH, he says not in NYC.

What's rent in Davenport, Lincoln, LV, Barstow, inland Florida and Texas, much of the South in general ?

$1300 rent should do nicely in many areas. Wouldn't that rent a nice newish 3+ BR home in a decent part of Vegas ?

Sure it ain't shit in SF, OC, NYC, Boston, etc.

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