Word: costs
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Dates: during 1970-1979
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Place to Forget. In Southern California, where spring is only a date on a calendar, some 1,200 auto vans converged on coastal Santa Maria for an annual outing. The owners, whose carpeted and stereoed vehicles cost $10,000 or more, reveled in the escapist mood of spring. "It's a place to forget your troubles, your religion, your color, your hang-ups, your job-even your kids-if you want to," exulted one vanner, who calls herself Lady Van-Detta...
...appeals to recalcitrant Senators for their support. In return, the President has agreed to reconsider some of the water-control projects on which substantial work has been done. His early-morning view: "I think a lot of them shouldn't go ahead even if they didn't cost a nickel. But the degree of completion is something that we should have given greater consideration...
...best expressed in the new Federal Reserve Building, by Hugh Stubbins and Associates, which follows the Hancock and Prudential buildings in its indulgence in the grander, sleeker, more-conspicuous-and-powerful syndrome. "You don't seem to understand," one corporate executive notes. "We make money." For such companies cost is no object...
These constraints are land, construction, and financing. Their costs, in the case of community development corporations, are paid for by a combination of tenants'rents and government subsidies and loans. Land, about 20 per cent of the total development cost, is often subsidized by a local housing authority like the BRA, which acquires parcels and sells the land to the developer of its choice. For non-profit housing, the principle of the mortgage, which is 100 per cent guaranteed by the Federal Housing Administration and covers land acquisition, construction or rehabilitation, is paid off entirely out of tenant's rents...
...cost squeeze presents formidable obstacles to the realization of improved housing. Since operating costs are supported entirely from the limited tenants' rents, the mortgage must be trimmed to the minimum to keep its financing economically viable. The other option, underestimating the operating expenses during the planning stage in order to obtain the largest possible mortgage, results in increased rents when increased operating costs are passed on to the tenants. FHA regulations covering all phases of the building process force non-profit developers to pay for all unplanned extra expenditures during construction out of their own pockets, forcing developers...