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Not shocking. For fuck sake. Those two properties for $3.2 mill? Hell. We could probably crowd source that in a month without even trying. I bet they are "worth" at least 30 million once the city finally starts "Cracking down" now that one of the politicians "friends" bought it.

Archive: https://archive.today/Ng7Vn

The Post: California developer Asher Luzzatto just scooped up two prime downtown towers (621 & 633 17th Street) for a fire-sale $3.2 million.

Now Denver’s DDA is handing him a $63 million low-interest, taxpayer-backed loan to turn them into ~700 apartments… including a “vertical village.”

At least 70 units will be income-restricted. Will they be filled with problematic voucher tenants who bring crime, drugs and chaos?

Meanwhile Denver already has nearly 4,000 vacant affordable units…an 8.8% vacancy rate (a 10-year high!!)

Denver County is losing residents through net negative domestic migration.

Yet the cycle continues: 🔥 Let crime & chaos destroy downtown 💰 Out-of-state developers buy distressed towers for pennies 🏗️ Promise shiny “affordable” conversions 💸 Raid public coffers (DDA’s debt capacity is now in the hundreds of millions) to subsidize the deal

Why are we building more subsidized housing when thousands of units are already vacant?

Who exactly is this helping…besides developers and insiders?

Not shocking. For fuck sake. Those two properties for $3.2 mill? Hell. We could probably crowd source that in a month without even trying. I bet they are "worth" at least 30 million once the city finally starts "Cracking down" now that one of the politicians "friends" bought it. Archive: https://archive.today/Ng7Vn The Post: California developer Asher Luzzatto just scooped up two prime downtown towers (621 & 633 17th Street) for a fire-sale $3.2 million. Now Denver’s DDA is handing him a $63 million low-interest, taxpayer-backed loan to turn them into ~700 apartments… including a “vertical village.” At least 70 units will be income-restricted. Will they be filled with problematic voucher tenants who bring crime, drugs and chaos? Meanwhile Denver already has nearly 4,000 vacant affordable units…an 8.8% vacancy rate (a 10-year high!!) Denver County is losing residents through net negative domestic migration. Yet the cycle continues: 🔥 Let crime & chaos destroy downtown 💰 Out-of-state developers buy distressed towers for pennies 🏗️ Promise shiny “affordable” conversions 💸 Raid public coffers (DDA’s debt capacity is now in the hundreds of millions) to subsidize the deal Why are we building more subsidized housing when thousands of units are already vacant? Who exactly is this helping…besides developers and insiders?
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[–] • 1 pt

Classic boom-bust cycle. The Larimer Square area was a festering cesspit of winos and bums in the late 60s and early 70s that brought down a lot of the downtown area, only to be revitalized in the yuppie 80s, cycle downward again after the dotcom bust of the late 90s, bounce upward again with the hipsters in the 2010s, and plummet again after the advent of COVID restrictions.

It's like the presence of bums/homeless foreshadows the next version of its rebirth. Maybe.