spd2918 said:
It's better than living on the street in a cardboard box.
Not by much, if the pics are accurate. I'd take the cardboard box if it didn't have mold and bedbugs, actually.
They are not paying that much in rent; the tax payers are.
Even assuming that is true for all of the tenants (big assumption), as a CA taxpayer, this pisses me off royally.
I ran a few numbers. First, I could not find the property under Section 8 housing, so the tenants may well be paying full rent, regardless of other assistance. Second, the appraised value of the property is about $270,000. Property tax was under $15,000 for 2012. The property has been owned for over 30 years and looks to be paid off. If not, the mortgage might be as high as $2000/ mo.
With 55 units averaging $650/mo (for just over 300 square feet per unit, mind), at 76% occupancy, even though the place is likely full because people have nowhere else to go- the slumlord is pulling in over $26,000 per month. At full occupancy, $35,000 per month.
Yet repairs are slipshod and the building is infested with bedbugs and roaches. It was last 'renovated' the year it was built, 1930. The owner takes in $300,000- $400,000 per year in rent, but can't hire a competent pest control company or plumber? Really?
If MY tax dollars are paying for this, it isn't the residents who deserve my anger.
