Why is it every single apartment building I call in Tampa or Brandon FL. are income restricted??? I dont want all the bills of a house so i choose to rent but I WTF is up with Income restricted Apartments ?apparently make too much money to rent a apartment??? What the hell Hey i can actually pay my rent so why cant i find and apartment???? They must not want people who can pay rent on time!!!
2007-12-22 03:16:40 · 11 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
the problem mainly lies within the tax incentives inherent in the process.
lets say you are a residental developer. you have built huge, multi-million dollar homes, which means you have a nice fat tax bill. so you take some of your earnings and register and build these low income homes. you get the tax break for community development, PLUS, your net worth hasn't changed it was just merely converted into another asset. Rather than it being capital gains, it is now property that is locked. Sure, the value of the apartments will tank, but it doesn't matter cause the land will not. And NO ONE likes buying apartment complexes anyways..they just get torn down. THe beatury is the money that goes into upkeep is a tax write-off and the money you put in lowers your tax obligations for that year...plus, you get a little rent money...
this has been around for a long time...trust me, but it got really huge in the 90s as the housing bubble was starting to form and housing pices were artificially climbing.
Now, you are correct. There are some economists that argue such a structure rewards tax evasion on the part of the developer and rewards complacency on the part of the tenants. But its very taboo in this society to kick the poor..largely because we are still living in the memory of the Depression. I believe in about 20 years that memory will be dead and the kicking games will then begin. Is that a good thing? I dunno. As there are some people who need those apartments, which is why the system was designed the way it was.
Hope this helped.
2007-12-22 03:28:18 · answer #1 · answered by Kiker 5 · 2⤊ 0⤋
Income Restricted Apartments Tampa Fl
2016-12-16 20:24:49 · answer #2 · answered by charneco 4 · 0⤊ 0⤋
Same problem in Sacramento, CA. Just about every decent complex is income restricted. I m talking newly built, 2 and 3 bedroom units with 2 bathrooms, washer and dryer, fitness center, beautifully manicured properties, so on and so forth. I knew it had something to do with incentive, because it wouldn t make any business sense to rent units lower than market rate. Some complexes keep small numbers of market rate units, but they rent extremely quick. I ve been in Cali for a year, and am married, with a 3 year old and one on the way. We aren t quite ready for a house, but we can t seem to find a good apartment either...I don t know what to do, but just keep looking, I guess. Didn t have this problem in Maryland.
2015-04-20 09:28:46 · answer #3 · answered by Anonymous · 0⤊ 0⤋
This Site Might Help You.
RE:
WTF is up with Income restricted Apartments ?
Why is it every single apartment building I call in Tampa or Brandon FL. are income restricted??? I dont want all the bills of a house so i choose to rent but I WTF is up with Income restricted Apartments ?apparently make too much money to rent a apartment??? What the hell Hey i can actually pay...
2015-08-07 20:05:39 · answer #4 · answered by Catherin 1 · 0⤊ 0⤋
I live in a small, rural town about 2 hours southeast of Tampa. we have the same problem. they have built some really nice apartments, but they are all low income housing. I don't want a house, but there aren't any apartments that will let me move in because I make too much. and I work for the county!!!
2007-12-22 03:26:31 · answer #5 · answered by wendy_da_goodlil_witch 7 · 1⤊ 0⤋
Income Restricted Apartments Orlando Fl
2016-06-20 10:57:10 · answer #6 · answered by helena 3 · 0⤊ 0⤋
The reasoning is that if people who can afford to pay more occupy those income-restricted apartments, there won't be enough available for people who can't afford anything else.
2007-12-22 03:25:41 · answer #7 · answered by aida 7 · 8⤊ 1⤋
Some apartments are partially funded with HUD or other government money. As part of the deal, they must set aside apartments for low-income renters.
2007-12-22 03:26:09 · answer #8 · answered by Anonymous · 4⤊ 2⤋
Waiting on more answers before I share my view
2016-07-30 10:25:28 · answer #9 · answered by ? 3 · 0⤊ 0⤋
You must be looking at Hud projects or Gov. assistence and such.
2007-12-22 03:25:13 · answer #10 · answered by ed 7 · 0⤊ 1⤋