Got a Slingshot? Rich Developers want to Urbanize Marin

Banks, corporations and wealthy investors are the real winners with affordable housing. 

This link describes the magnitude of economic and collaborative forces that want to build high density housing near transit across the USA.  http://www.macfound.org/press/press-releases/housing-partnership-equity-trust-launches-100-million-funding-affordable-multifamily-housing/

In summary, it looks like this:

Bank/investors (Citi, Morgan Stanley, Prudential) along with major foundations (MacArthur, Ford) gave $100M to Housing Partner Equity Trust (HPET) - which is a Real Estate Investment Trust (REIT), which promises double digit return on investment.

HPET is sponsored and operated by Housing Partnership Network, a 100-member national collaborative of housing and community development nonprofits.

HPET provides long-term, low-cost capital to 12 nonprofits to "quickly and efficiently acquire apt. buildings that provide quality homes for families, seniors with modest incomes."  . . . without the hassle of low-income tax credits or public subsidies.

The 12 nonprofits identified: AHC Housing, Inc.; BRIDGE Housing Corporation; Chicanos Por La Causa; Community Development and Preservation Corporation; Eden Housing, Inc.; Hispanic Housing Development Corporation; Homes for America, Inc.; LINC Housing Corporation; Mercy Housing; Nevada HAND, Inc.; NHP Foundation; and NHT/Enterprise.

So what Citizen Marin and others are fighting is the massive power of 100 housing organizations across the country, coupled with foundations distributing big chunks of $$, in collaboration with leading financial institutions, and delivery through a pipeline of 12 preferred nonprofits.   

 The driver is capitalist economics - the promise of double digit return on investment (for people who already own assets and can afford to invest).  It isn't reducing GHG emissions or even providing decent housing (for the people without assets and barely enough $$ for food).  Will the facts re: RHNA numbers, GHG emissions, housing options, local control, and infrastructure be enough to off-set the money, lobbyists, and power elite?  If ever there were a David/Goliath battle, this is it.  

 

Got a slingshot?