Word: condoe
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Ironically, one segment of Cambridge which stands to lose are owners of market-rate condos. The resale values of these units would decline markedly with a glut on the condo market...
...Housing Authority only subsidizes lowcost apartments) about 80 percent of those subsidized tenants now live in rent-controlled apartments. With a law like 1-2-3, any of these tenants seeking rent-controlled apartments would be left out in the cold. Extra rent payments cannot compete with condo profits...
Unbelievably, this part of the bill claims that condo sales would generate new property tax revenues which could be isolated from other tax revenues and placed in a trust fund for subsidies and rental housing construction. This section contains several misconceptions...
Secondly, those who owner-occupy a house or condo are eligible for a property tax exemption, making it very unclear how much, if any, new tax revenue the condo sales would generate. And it is questionable whether 1-2-3 backers really gave Proposition 3 any thought. Even if funds were available and earmarking funds were legally possible, could they design a citywide subsidy program without creating a new city agency? Could they direct the city to build new low-cost rental programs...
...come back to the less affluent segment of Cambridge those people who would not be here without rent control. For many city residents, freedom is a very different thing than buying a condo: it means having a home where you can afford the rents and you do not live in constant fear of eviction. These are the very protections rent control offers...