During the ERA discussion with the City Commission concerning affordable housing, there was a comment about "form". Specifically the comment was that there is a need to show people what "affordable housing" looks like. It appears that the SHT took that suggestion to heart as they showed examples of what $200,000 will get you in today’s Sarasota housing market - to paraphrase Yogi Berra, this future ain’t what we expected (see Fredd Atkins’ comment in yesterday’s post).
Karin Murphy, Planning Dept Staff, also made some perceptive comments at this meeting:
When the Certificate of Occupancies are issued for all the new downtown condos, one wonders how many lights will actually be turned on. She also commented on speculators becoming landlords willing to rent at prices lower than cash flow cost, hoping value will rise. It was noted that this has led to specific problems in some neighborhoods.
As speculators bid up prices and part year visitors lock up the limited housing we have, the next buyer must pay a higher price to get into the game. And the upward price spiral continues. When you look at the completed condos around downtown it is amazing how few lighted windows you see.
Makes you wonder what the big picture is all about. Is our downtown being turned into a big pile of investment chips. Stash some money in some hot real estate, hold it for a while, maybe spend a couple winter months there, and wait until a better investment comes along. The reality doesn't fit our plan for a walkable, liveable downtown. How do we get real people to really live downtown? Luxury condos is not the answer.
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