Word: homeownership
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...proponents of Proposition 1-2-3 fool you. It is not about homeownership, although phrasing it that way is a clever ploy. Proposition 1-2-3 is a well-funded effort aimed at the erosion of rent-control. Its sponsors are only concerned with the profits that condo sales and resales could generate...
...November 7, the Cambridge electorate will vote up or down a binding affordable homeownership initiative petition I have written, called 'Proposition 1-2-3.' This will appear on the ballot through the support of 15,000 people (30 percent of the registered Cambridge voters) who have cared enough about the issues it involves to sign in public the petition papers...
Surprisingly, that low rate of homeownership is required by local law. The vast majority of tenants are forbidden by city ordinance from buying their own apartment, even if they wish to buy it and their landlord wishes to sell it to them. (The only current exceptions are owner-occupied one-, two- and three family homes, new construction, and tenants who were lucky enough to have moved into their apartment before August...
...still a good deal for landlords, since their buildings are now so depressed in value by the effects of rent control, they now receive, in selling a whole building, only 15-25 percent of what the normal market value would be. Proposition I will offer some tenants affordable homeownership, from $40,000 to $80,000, way below the market price of other Cambridge condominiums...
PROPOSITION 1 unthaws the values that forebidding homeownership has kept frozen, providing immediate and substantial benefits to both current tenants and landlords. The tenants who do not wish to buy may still see a better-run building because their landlord, after having sold a few units, will no longer be as financially strapped as before, and because other units, now owner-occupied, will begin to reflect pride of ownership...