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• Eliminate all rules, restrictions, code requirements not benefiting health or safety
• Require consumer cost impact for all existing and new rules or regulations
WE ALREADY CONTROL RENTS WITH INCENTIVE PROGRAMS
There are already programs that cap rents and are far more efficient than rent control. For example, in Seattle the Multifamily Exemption (MFTE) Programs has created thousands of units with rent restrictions in for-profit market rate buildings. In addition, the Low- Income Housing Tax Credit (LIHTC) program and the voucher program supported by the Department of Housing and Urban Development (HUD) have created thousands more units with lower rents. How many?
There are already 36,000 [in Seattle] that are rent restricted, meaning the rents of those units are locked in — controlled if you like — for anywhere from 12 to 40 years. Those 36,000 units, roughly 44 percent of all the units at those levels of income are set by government agencies and covenants; they are a mix of units paid for by government grant, the city’s housing levy, through the city’s Multifamily Tax Exemption (MFTE) program, or vouchers issued by the Seattle
Housing Authority. If politicians and activists want to control rents in privately managed apartments, then they can pay for that control by becoming an investor. Programs like the MFTE are very efficient because they buy down rent in 20 percent of new units in a new building by freeing the developer of a portion of property tax for 12 years.
And this is possible without having to buy land, build, pay for financing, or operations of that building.
This program could be expanded to include existing construction. Again, the advantage to the taxpayer’s investment is that there is very little risk and very high return on exchanging the deferred tax to create the benefit of lower rent. In addition, this creates the integration of race and class that so many advocates say is needed by including lower income people in market rate apartments. The MFTE program far outpaces other efforts to create this kind of inclusion.
CASH FOR RENT
As long as the normative standard for housing costs is 30% of gross monthly income, buy down the “cost burden” with direct cash payments for rent rather than building new subsidized housing. Cost burdened
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CHUNG ROOFING COMPANY
HONEST CONSTRUCTION
sroofing
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ALL APPLICATIONS ACCORDING TO CITY AND COUNTY BUILDING CODES. PRICES ARE GOOD FOR ALL ROOFS RANGING 30 SQ. OR MORE
Lic. No. 1032338.C39
NEW ROOFS & REROOFS
SCOPE OF WORK MATERIALS PRICE/ Sq . F t.
WARRANTY LABOR MATERIALS
SCOPE OF WORK MATERIALS PRICE/ Sq . F t.
WARRANTY LABOR MATERIALS
FLAT OVERLAY
4 PLY 28lbs. 11 lbs. 11lbs. 75lbs.
$4.50
5 YEARS
10 YEARS
SHINGLE 30 YEARS OVERLAY
30 lb. 30 YEARS SHINGLE
$4.50
10 YEARS
30 YEARS
FLAT REMOVE
4 PLY 28lbs. 11 lbs. 11lbs. 75lbs.
$5.50
5 YEARS
10 YEARS
SHINGLE 30 YEARS REMOVE
30 lb. 30 YEARS SHINGLE
$6.00
10 YEARS
30 YEARS
WOOD SHINGLE REMOVE
30 lb. WOOD SHINGLE
$7.50
10 YEARS
30 YEARS
SILICON OVERLAY
50 YEARS SILICON
$8.00
20 YEARS
50 YEARS
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chungsroofingcompany@gmail.com
1467 W. WASHINGTON BLVD., LOS ANGELES, CA 90007
213-259-0243 • 213-259-0258 • 323-863-3114
Fax: 213-745-8997
CS-24 APRIL 2022 - APARTMENT MANAGEMENT MAGAZINE
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