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 Denverâs DDA is handing him a $63 million low-interest, taxpayer-backed loan to turn them into ~700 apartments⌠including a âvertical village.â
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 unitsâŚan 8.8% vacancy rate (a 10-year high!!)
Denver County is losing residents through net negative domestic migration.
Yet the cycle continues: đĽ Let crime & chaos destroy downtown đ° Out-of-state developers buy distressed towers for pennies đď¸ Promise shiny âaffordableâ conversions đ¸ Raid public coffers (DDAâs 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 helpingâŚbesides 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 Denverâs DDA is handing him a $63 million low-interest, taxpayer-backed loan to turn them into ~700 apartments⌠including a âvertical village.â
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 unitsâŚan 8.8% vacancy rate (a 10-year high!!)
Denver County is losing residents through net negative domestic migration.
Yet the cycle continues:
đĽ Let crime & chaos destroy downtown
đ° Out-of-state developers buy distressed towers for pennies
đď¸ Promise shiny âaffordableâ conversions
đ¸ Raid public coffers (DDAâs 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 helpingâŚbesides developers and insiders?