The real question is what do lower income families want? And does affordable housing help them build wealth?
I have significant concerns related to Affordable Housing as we all know it, particularly what may crudely be referred to as "door-knobs" over "in lieu" payment. For the uninitiated, when advocates use the term "doorknobs", they are saying an affordable housing unit needs to be actually built and sold as MIHU as opposed to some payment being made by the developer into an Affordable Housing Trust.
We all love the idea of affordable housing, little a, little h. But homeowners who buy into Affordable Housing units, big A, big H, are trapped in financial purgatory. "Deed restrictions" on the resale of the property, that may run for as long as 99 years, prevent them from building wealth from the asset. That means one of the core reasons for purchasing a home, and not renting, is absent. Meanwhile, all of the burdens of home-ownership remain.
For that reason, and many others, I would never want my child to purchase an affordable housing unit. I would also feel paternalistic in wanting that "janitor" to live next to a CEO knowing that they are there under very different financial circumstances with very few benefits for the experience. Moreover, the conclusion that poor families transposed to rich or middle class neighborhoods help lift their station has had mixed results under academic scrutiny. A recent study by Duke showed that young boys actually do worse under these circumstances.
Probably the best circumstance for affordable housing would be for a certain percentage of Columbians to agree to sell their houses at below market rate. I say that with
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