A comment by the urban politician, who is currently rehabbing a 2-flat on the northwest side:
Not everybody can lease out apartments that rent for $2000 per month. Some landlords have to serve a less affluent niche. So why not have a private solution to create apartments that rent for $500 per month?
Right now, I can’t lease my apartments for $500 per month Here is what the government does that prevents me from doing so:
1. A stringent building code that nitpicks me and forces me to do x, y, and z with my building at my expense while rehabbing the property
2. That same building department requires that I have a licensed plumber, licensed electrician, licensed mason, licensed architect (license=overpaid union member, of course) work on my building. A licensed plumber charges around $750 per fixture, just as an example
3. That same government charges a ridiculous property tax and assesses the value of my property at more than double what I paid for it
4. That same government regulates an electric company that is now going to increase its rates
5. That same government makes it a laborious, time consuming, and expensive process to remove a tenant who does not pay his rent, of course at my expense.
There are TONS of people out there who would love to rehab cheaper property and rent it out to the less affluent, if only the Government would make it possible. And all the while we would not have to expend a penny of the public’s money, as opposed to these housing projects.