Quote:
Originally Posted by TakeFive
Sell Now before the bottom drops out.
Obviously with affordability a growing issue it was only a matter of when, not if. This leads to a few things.
First, the value of rentals just bounced 5%... well not exactly but it is a positive sign for more apartment construction.
Second, it's incumbent on developers to recognize the need and demand for more affordable apartments which should mean moving out along the light rail lines and building TOD. Maybe, just maybe this will help start that trend. (There is some modest development going on)
With respect to affordability Denver could go bat-chit nuts and go Nanny State liberal like Seattle? I swear whether it's from the right or left, chit just keeps getting weirder and weirder.
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I hope Denver doesn't go that far. Of course most ridiculous is the idea that those type of restrictions will help people find "affordable" housing.
As the article noted, the restrictions are just as likely to cause landlords to raise prices as well as further discourage new construction resulting in a cycle of price escalation:
"Expanded source-of-income protections, a ban on using criminal records as a determining factor, restricting the size of security deposits, and the First-in-Time law, which forces landlords to take the first renter that applies and meets the criteria. "
I wonder what strategies landlords will use to get around the restrictions.
I can see a whole new business model developing - that of a "finder." Instead of listing property for rent, hiring a finder to go "find" highly qualified tenants.