Very surprised you didn't know this. Tax credits were a bone the '86 Act gave Wall St, landlords & developers in exchange for taking away other lucrative landlord tax write-offs. The "Affordable Housing" touts in major cities are essentially landlord/Wall St shills.
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No I knew this. Just re-sharing it.
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With all of the gibberish that goes under the heading of critiques of neoliberal policy, is this actually a good example? The idea is that public housing is bad, so replace with convoluted system of tax breaks benefiting financiers and corporations?
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I mean... that is what happened a generation ago.
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But how else could we have more affordable homes? By NOT having so many leafy low-density neighborhoods where we can sit on our decks enjoying views of thousands of acres of dedicated open space? [shudders]
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Gross. I had no idea this is how that worked.
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Habitat for Humanity is one housing builder with a far superior affordable housing model, giving the residents equity (up to 50% over 20 years) and creating a real community without landlord overseers and meddlers.
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I find the incentives for deploying the low-income vouchers more questionable. Landlords only earn reimbursement up to the city’s average rental value. Optimal landlord profits = City avg rent - landlord cost (lowest in poorest nghbd) = perpetual concentration of poverty.
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Not so strange given historical power of real estate interests in US. From earliest days of federal housing policy efforts to create low income housing not driven by private mkts was strongly resisted. Pub housing effectively designed to fail. LIHTC works in such a system.
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Public housing very quickly became a vehicle for racial segregation and oppression, the effects which are still felt today in black communities. People remain ignorant of these facts and thus think PH is inherently flawed when it's far more efficient than LIHTC's.
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