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Housing Bust Opens New Doors for Subsidized Tenants (in luxury apartments)
Wall Street Journal ^ | August 2, 2010 | DAWN WOTAPKA

Posted on 08/02/2010 8:50:10 AM PDT by reaganaut1

...

The program, known as Section 8, has for decades put families in functional but basic homes and apartments, sometimes in less-than-desirable communities.

But overbuilding during the housing boom has left so many homes available that landlords, desperate for renters, are wooing Section 8 recipients, whose government subsidies, delivered electronically, guarantee the landlord gets paid. As a result, Section 8 recipients suddenly have a housing smorgasbord.

Plenty of average housing stock remains in many places, but in certain markets, there are also more upscale selections. On the website GoSection8.com, landlords nationwide tout boom-era showpieces—replete with "great rooms," backyard swimming pools and built-in stainless-steel barbecue grills—that once sold for hundreds of thousands of dollars. Las Vegas has been one of the nation's hardest-hit real-estate markets.

Some renters are getting pickier. "More and more, I'm seeing tenants turn down places," says Arman Davtyan, owner of seven Las Vegas properties rented to Section 8 tenants. Instead, they're going for "another property that's either bigger or in a better area or has more bedrooms," he says. "Before, they tended to take whatever they could get."

Though some neighbors have long contended that government-subsidized tenants increase crime and depress property values, some now say that having a house occupied is better than leaving it vacant, which attracts vandalism and other problems.

In Antioch, Calif., a San Francisco bedroom community where the number of Section 8 listings has skyrocketed in recent years, residents have mixed emotions about the new tenants. "I would concede, I wouldn't be happy with an empty house," says Walter Ruehlig, a longtime resident of Antioch. "It's kind of like, 'What poison do you choose?"'

(Excerpt) Read more at online.wsj.com ...


TOPICS: Business/Economy; Culture/Society
KEYWORDS: housing; section8; welfare
The Section 8 grants should either be eliminated or substantially reduced, so that people are not living in luxurious housing at taxpayer expense.

Will any Republican politicians have the guts to talk about this?

1 posted on 08/02/2010 8:50:12 AM PDT by reaganaut1
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To: reaganaut1

There goes the neighborhood...


2 posted on 08/02/2010 8:52:55 AM PDT by RobRoy (The US Today: Revelation 18:4)
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To: reaganaut1

Section 8 has been cited for accelerating neighborhood decline.


3 posted on 08/02/2010 8:53:19 AM PDT by Pearls Before Swine
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To: reaganaut1

>>Will any Republican politicians have the guts to talk about this?<<

No. At least, not if they want to get elected. That is why there is no political solution to our situation. It just has to play out to the bitter end. And yes, it will be bitter indeed.


4 posted on 08/02/2010 8:54:12 AM PDT by RobRoy (The US Today: Revelation 18:4)
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To: reaganaut1

Government needs to get out of the housing business, Section 8, or “affordable housing” as Fwank says. Section 8 and “affirmative action mortgages” ruin neighborhoods and local schools. Crime goes up, learning goes down. It’s a disaster.


5 posted on 08/02/2010 8:55:42 AM PDT by A_Former_Democrat
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To: reaganaut1

“The program, known as Section 8, has for decades put families in functional but basic homes and apartments, sometimes in less-than-desirable communities. “

***

Wrong. Where I live, many of the homes were stately and beautiful — top of the line homes at one time. The communities became less desirable once the pigs moved in and trashed the homes.


6 posted on 08/02/2010 8:56:11 AM PDT by fatnotlazy
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To: reaganaut1

I know of one section 8 where a woman and 2 rug rats have a 1400 sq,ft, 3 bedroom 2 bath condo that rents for $1575 and the tenant only has to pay $75.

They have been living there for 6 years that I know of.


7 posted on 08/02/2010 8:59:39 AM PDT by dalereed
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To: reaganaut1

...

Ms. Newburn can thank the housing bust. She participates in a government program for low-income families that subsidizes about half of her $1,400 monthly rent. The program, known as Section 8, has for decades put families in functional but basic homes and apartments, sometimes in less-than-desirable communities.

...

Last year, Mr. Davtyan, who rents to Section 8 tenants, paid $60,000 in cash for a four-bedroom house in North Las Vegas. He charges rent of $1,436 each month, giving him a profit of about $15,000 per year after insurance and property taxes, he says. He also paid $60,000 for a six-bedroom house in central Las Vegas 18 months ago that once commanded nearly $300,000. It rents for nearly $1,700 a month.

“It’s the most lucrative way to go right now,” he says. “Nowhere else does your money make that kind of return.”

...

Yes. MOving on up ... to the top ...

Recall the Jeffersons

Well we’re movin on up,
To the east side.
To a deluxe apartment in the sky.
Movin on up,
To the east side.
We finally got a piece of the pie.

Fish don’t fry in the kitchen;
Beans don’t burn on the grill.
Took a whole lotta tryin’,
Just to get up that hill.
Now we’re up in the big leagues,
Gettin’ our turn at bat.
As long as we live, it’s you and me baby,
There ain’t nothin wrong with that.

Well we’re movin on up,
To the east side.
To a deluxe apartment in the sky.
Movin on up,
To the east side.
We finally got a piece of the pie.

Oh, see it too!

http://www.youtube.com/watch?v=kb6ErLPt4t8


8 posted on 08/02/2010 9:02:00 AM PDT by nmh (Intelligent people recognize Intelligent Design (God).)
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To: reaganaut1

I imagine the section 8 lines have dwindled away, and a lot of landlords are going to have new maintenance experiences as subsidized renters occupy their buildings.


9 posted on 08/02/2010 9:03:32 AM PDT by pallis
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To: dalereed

“I know of one section 8 where a woman and 2 rug rats have a 1400 sq,ft, 3 bedroom 2 bath condo that rents for $1575 and the tenant only has to pay $75”

That is obscene! Utterly obscene!


10 posted on 08/02/2010 9:08:19 AM PDT by Niuhuru (The Internet is the digital AIDS; adapting and successfully destroying the MSM host.)
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To: pallis

No section 8 for this landlord. They wreck more than the rent and violate rules causing problems. They are wards of the state for a good reason.


11 posted on 08/02/2010 9:09:14 AM PDT by Oldexpat
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To: reaganaut1

People should pay for the rent out of their SSD/SSI. My mom who had a mental illness (a lifetime of abuse) got Section 8, but there are too many welfare losers who have too many kids and ruin neighborhoods because they don’t pay for and appreciate the home they move into. They should pay for it out of the lavish benefits they receive.


12 posted on 08/02/2010 9:12:05 AM PDT by Niuhuru (The Internet is the digital AIDS; adapting and successfully destroying the MSM host.)
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To: reaganaut1

When you think of it, most of the original so-called owners were nothing more than subsidized pikers. The wonders of CRA. Couple that with the export of the welfare class to suburbia and you are looking at a whole lot of newly destroyed neighborhoods.


13 posted on 08/02/2010 9:16:06 AM PDT by equalitybeforethelaw
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To: Oldexpat

ooooohhhh....Wards of the State!! Much more slave-like and demeaning than “on welfare”......oooohhhhh.


14 posted on 08/02/2010 9:27:07 AM PDT by Ann Archy (Abortion......the Human Sacrifice to the god of Convenience.)
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To: reaganaut1

Section 8 is also a method used to effect the vote in certain areas. A bloc of voters is moved in. In our area we have been flooded with poor southern blacks, the movement started in 1995.


15 posted on 08/02/2010 9:37:40 AM PDT by AEMILIUS PAULUS (It is a shame that when these people give a riot)
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To: reaganaut1

................. “More and more, I’m seeing tenants turn down places,” [snip] Instead, they’re going for “another property that’s either bigger or in a better area or has more bedrooms,” ................................

Sure, ya gotta get a place with lots of copper and fixturess and appliances to rip out and sell for drug cash.


16 posted on 08/02/2010 9:46:57 AM PDT by Noob1999
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To: reaganaut1

The apartment building where my mom lives (and has lived for over 50 years) is in trendy SOHO in NYC, where a lot of people want to live.

Two units have been available for rent for several months. No takers.

Something is up.


17 posted on 08/02/2010 9:48:49 AM PDT by Ted Grant
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To: reaganaut1

http://online.wsj.com/article/SB10001424052748703294904575385093125196502.html


18 posted on 08/02/2010 10:01:10 AM PDT by kcvl
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To: nmh

Official Obama -residential song.


19 posted on 08/02/2010 10:51:48 AM PDT by beckysueb (January 20, 2013. When Obama becomes just a skidmark on the panties of American history.)
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To: nmh

The audio has been disabled for that one. Click on Jeffersons opening, season 1. Right below that is Hitler sings the opening to The Jeffersons. Check it out. Its hilarious!


20 posted on 08/02/2010 10:57:45 AM PDT by beckysueb (January 20, 2013. When Obama becomes just a skidmark on the panties of American history.)
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To: kcvl

Where da white wimmin at??


21 posted on 08/02/2010 11:01:23 AM PDT by beckysueb (January 20, 2013. When Obama becomes just a skidmark on the panties of American history.)
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To: beckysueb
Just wait till this dopey owner sees how they TRASH his place. It happens ALL the time with Section 8 people. They didn't EARN it and have NO INCENTIVE to take care of it and they don't. They don't appreciate it, because the odds are WHITELY OWNS it. Look at Obama’s chip on the shoulder attitude. It's the same thing. If it's not because of WHITEY owning it and they are white trash, then it's simply about the owner having MORE and they resent that.

If things change, try getting them out. You can't. The laws are on THEIR side and they KNOW how to work the system. If you get lucky, and DO get them out, this place will have to be gutted. It will be that TRASHED.

Decent people will MOVE OUT. Section 8 people will bring in their “friends” and drugs in no time. It will be thee place to hang out and trash. It will be even more fun for them to live THIS high without paying for it. Instead, the taxpayers are getting screwed again. The government Section 8 housing comes from TAXPAYERS like all other money given out by the government. So we all get $crewed again.

So laugh all the way to the bank, you fool! You will regret it. You will NOT profit on Section 8 housing. The Section 8 housing folks will have the final laugh on YOUR dime and My dime. You stupid fool ... .

22 posted on 08/02/2010 11:12:58 AM PDT by nmh (Intelligent people recognize Intelligent Design (God).)
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To: Pearls Before Swine

“Section 8 has been cited for accelerating neighborhood decline.”

It is GUARANTEED to happen.

Decent people MOVE OUT and more Section 8 MOVES IN.

These people are FOOLS to go along with this. Their building will be TRASHED. They won’t make enough money to cover the trashing.


23 posted on 08/02/2010 11:14:32 AM PDT by nmh (Intelligent people recognize Intelligent Design (God).)
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To: RobRoy

The owners are going along with it. They don’t have to. They’re as bad as the Section 8 housing people and they will literally PAY FOR IT. The tennents will trash the place. Decent people will MOVE OUT.


24 posted on 08/02/2010 11:16:01 AM PDT by nmh (Intelligent people recognize Intelligent Design (God).)
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To: RobRoy
Heck, even racist Oprah literally GAVE UP on folks like this. She built a school in Africa instead. She'd throw money at them and they'd buy a new gold chain or expensive sneakers. She couldn't believe it. You can throw money at anything but these people need a change of heart otherwise nothing will change. They'll just have a nicer home, clothes,car for the minute but their twisted thinking and behavior will still be the same.
25 posted on 08/02/2010 11:18:10 AM PDT by nmh (Intelligent people recognize Intelligent Design (God).)
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To: pallis

Hope they’re not using unionized workers!

They’ll wipe out any profit or income from the Section 8 folks.


26 posted on 08/02/2010 11:19:43 AM PDT by nmh (Intelligent people recognize Intelligent Design (God).)
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To: beckysueb

“Official Obama -residential song.”

Rush needs to play that when Obama runs again.

THAT should be his theme song.

Moving on up .....


27 posted on 08/02/2010 11:21:03 AM PDT by nmh (Intelligent people recognize Intelligent Design (God).)
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To: beckysueb

“Official Obama -residential song.”

http://www.youtube.com/watch?v=p9y4iXAso4I&feature=related

Rush needs to play that when Obama runs again.

THAT should be his theme song.

Moving on up .....


28 posted on 08/02/2010 11:22:50 AM PDT by nmh (Intelligent people recognize Intelligent Design (God).)
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To: beckysueb

Thanks!

I found one that does work.

http://www.youtube.com/watch?v=p9y4iXAso4I&feature=related

Don’t the Jeffersons remind you of the Obama’s?


29 posted on 08/02/2010 11:23:56 AM PDT by nmh (Intelligent people recognize Intelligent Design (God).)
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To: nmh

WTH?? What did I say that made you come back with that rant??


30 posted on 08/02/2010 11:28:20 AM PDT by beckysueb (January 20, 2013. When Obama becomes just a skidmark on the panties of American history.)
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To: beckysueb

This one?

http://www.youtube.com/watch?v=J3YRWhg4YaA&feature=related

LOL!!!!

Here’s another good one:

Obama moving on up!

http://www.youtube.com/watch?v=_Iz5LS9G9cU&feature=related

The problem is that we are laughing at the TRUTH when it comes to Obama and tribe moving on up.


31 posted on 08/02/2010 11:32:49 AM PDT by nmh (Intelligent people recognize Intelligent Design (God).)
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To: nmh

Yes we are. They remind me so much of the Jeffersons except, Weezee is much nicer than Meechelle.


32 posted on 08/02/2010 11:36:28 AM PDT by beckysueb (January 20, 2013. When Obama becomes just a skidmark on the panties of American history.)
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To: beckysueb

“WTH?? What did I say that made you come back with that rant??”

Calm down. It wasn’t aimed at you personally and I apologize if it looked that way.

I am soo freaking frustrated with our country being destroyed. It gets more outrageous every day. Just when you think it can’t get worse, jerk-off does something else or there is a news item like this.

I do believe the majority on FR work their tushes off to have a decent life. I resent people who use poverty as an excuse to be a social parasite and now as an entitlement for homes allot of people here may not be able to afford.

So, again, I am just angry at seeing this kind of injustice. This makes a mockery of the work ethic that made America great.


33 posted on 08/02/2010 11:37:09 AM PDT by nmh (Intelligent people recognize Intelligent Design (God).)
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To: beckysueb

Black trash ... That WH will have to be fumigated when they finally MOVE OUT. Maybe he’ll take the tribe back to Kenya, where he fits in better and explore his roots permanently. He can have the nest hut in the village.


34 posted on 08/02/2010 11:40:10 AM PDT by nmh (Intelligent people recognize Intelligent Design (God).)
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To: nmh

OK. I see. I totally 100% agree. I thought you were talking to me. LOL We have Mexicans in our neighborhood who bought a lovely house that I would have loved to have had but couldn’t afford. Now I think I see how they did it. I am angry, too. Angry and becoming bitter. I just hate feeling this level of anger and frustration. It seems like the Republicans who we expect to do something are either unwilling or unable to do anything about it.


35 posted on 08/02/2010 12:29:02 PM PDT by beckysueb (January 20, 2013. When Obama becomes just a skidmark on the panties of American history.)
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To: nmh

“These people are FOOLS to go along with this. Their building will be TRASHED. They won’t make enough money to cover the trashing.”

The owners file an insurance claim for the damages.


36 posted on 08/02/2010 1:21:52 PM PDT by Bluebeard16
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