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