In affordable housing, let buyers beware?

Palo Alto's affordable-housing program, one of the oldest, facing growing pains

Joel Davidson beamed when showing visitors through his Palo Alto home, but Kay Wright, after discussing her condo, also a "Below Market Rate" (BMR) property, couldn't hold back the tears.

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Posted by Casey
a resident of Midtown
on Apr 2, 2008 at 10:28 am

You want the market rate appreciation but don't want to pay market rate. And HOA fees is money out the window? C'mon. HOA fees pay for the maintenance in your complex. If you don't want to be responsible for fixing the roof or paying to fix a private street, don't be a homeowner. Be a renter. But then, you'll complain that renting is throwing money out the window.

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Posted by Michael Scott
a resident of Fairmeadow
on Apr 2, 2008 at 12:34 pm

The point of this program is to make limousine liberals feel less guilty about what they have. It seems like being "low income" has a lot of perks: WIC, food stamps, rent subsidies, BMR housing, tutoring programs and tax credits galore. When you become "rich," i.e, make over $200K a year, you got to save money for retirement while being taxed to death (to pay for everyone else's retirement), save for your kids education while being taxed to death (to provide financial aid for others), pay your mortgage, car and medical bills - you guessed it, while being taxed to death. When you hit a magic number you get very few deductions. What's the incentive to become "rich" and take care of yourself when you can stay poor and have the government do it for you on the backs of the "rich?"

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Posted by Scott
a resident of Palo Alto Hills
on Apr 3, 2008 at 2:52 pm

you can't fix stupid....that goes for the city who created the mess and those that didn't seek to understand what they were buying. now the nanny state is suppose to make it all better.... wake up and take responsibility for your own stupidy and quit leaning on we the taxpayers to bail you out!!!

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Posted by realist
a resident of another community
on Apr 3, 2008 at 4:11 pm

Michael Scott seems to envy the perks of poverty. I wonder if he would care (dare?) to put his money where his keyboard is and give away everything he owns, go "low income", and live the life of luxury courtesy of the limolibs.

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Posted by ta
a resident of another community
on Apr 4, 2008 at 8:40 am

What about all the other market rate folks who had to pay extra initial purchase costs(to subsidize the construction of the "affordable" unit) and then had to pay interest on the additional mortgage costs over time to finance their unit at a higher price to pay for the "affordable" unit...give me a break...these folks got a easy way to live in an area I couldn't have the pleasure to live in....including a reduced property tax bill! Now this is unfair to or the people who actually paid the freight for you to live there...

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Posted by Don't Sell At Market Rate
a resident of Another Palo Alto neighborhood
on Apr 5, 2008 at 11:30 am

What if all the BMR units in Palo Alto are sold off at market rate, we lose our stock of BMR units. How will we ever satisfy ABAGS demands for ever more BMR units to be built in Palo Alto, we will never have enough.

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