‘Reasonably priced’ Housing a Rip-off for the Poor – Full Colorado – Web page Two

The left hates the poor, who are often minorities. I still go further. The left is cruel to the poor.

But somehow they make people think they are helping the poor.

Here’s a great example. The Denver Gazette reported that the city and county of Denver are building a new condominium complex for affordable property.

If you’re making less than $ 60,000, you could be one of just 130 who pays just $ 140,000 for a one-bedroom apartment in a desirable, central downtown location. What an absolute bargain! The estimated monthly payment would only be about $ 625, which has never been seen in Denver! After all, the average price for a condo or townhouse in Denver is now over $ 430,000.

Getting one of these little gems would be a lottery win.

It’s a shame it’s a lie. A cruel, sick and twisted lie to deceive the poor.

A similar “permanently affordable” scam is being carried out in my hometown of Boulder. It works like this: A property developer, if he can even get a building permit for residential units, has to sell around 25% of it to qualified “poor” people at a significantly reduced price.

Of course, for those who don’t understand basic economics, that means the other 75% is being sold well above the cost.

The real cruelty happens when the “poor” homeowner tries to sell her property and realizes that she just kind of owns her house.

To keep it “affordable” for the next person, they can only sell it for what they paid for it plus a small raise to cover inflation, improvements, and then maybe a small profit.

Think about the inhuman dichotomy. For example, the market price for these new condos is $ 200,000 each. And say the “poor” person can buy it for an affordable $ 100,000. Well, your “normal” neighbor will have to pay more than $ 200,000 for his – a fine for his white privilege.

Let’s say a few years later the market price for these condos doubles. The regular guy now has $ 200,000 in equity to start a business, retire, send kids to school, or sell and pocket the money.

The poor person who bought their home for only $ 100,000 has 50% more equity and can do even more with it than their neighbor, including selling and depositing $ 300,000. Unless she can’t.

Your “property” is a merciless lie. If she could sell it, the unit would no longer be “affordable” for the next “poor” lady.

If we’re not talking about your winning smile, it means you can sell it if you own something. If you can’t sell it, you simply don’t own it.

To use the same example, if she actually owns her new condominium, which she got at half price, she can sell it the very next day. “Turning over” her home would make her $ 100,000. People do this all the time, but when you’re poor you don’t own what the city has sold you.

So the word “property” is manipulative and hurtful. That same city of Denver bans the triggering term “illegal alien” in its ordinances and contracts (see the Gazette story) because it “dehumanizes our residents simply because of their immigration status,” says Atim Otii of Denver’s Office or Immigrant and Refugee Affairs.

Isn’t it worse to pretend to disadvantaged minorities that they are “owners”?

A recent story from Jersey City, New Jersey illustrated the ugliness. An 82-year-old woman bought her affordable, government-subsidized home 30 years ago; it has probably paid off now. Since she is getting on in years, the place no longer works for her, she can no longer go up the stairs.

She wants to sell her home, take her massive equity, and move to Florida to be with her sister. All very sensible and financially sound.

Only now does she realize that most of her equity has to go to town because it didn’t actually belong to her – a 30-year rip-off job. Just as she was about to collect her nest egg, she found that her balance sheets had deducted hundreds of thousands of dollars. Nest empty. The city is going to use its money to believe another poor fool that they are buying a house to build a retirement plan.

So who treats the poor badly?

Jon Caldara is president of the Independence Institute, a Denver free market think tank.

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