When it costs $16 million to rehab an old factory building into 46 income restricted apartments, that's an average cost of about $350k per apartment.What can you build for $350k? You can build a brand new single family house that will need to sell for a lot more than $350k. As a matter of fact, for that kind of money, why aren't these developers simply using the money to buy up foreclosed houses and using those for all this "affordable housing"?
Aw hell, why not just buy houses that AREN'T foreclosed on? Here's a listing of 704 houses for under $350k in Worcester right now.
From the looks of it, you could get a lot more than 46 units for that kind of money...
What I can't find any reports on is why it would cost so much to provide "affordable housing" for anyone. And where does all that money really go when they do these "affordable housing" projects?
Obviously, it isn't spent to prevent sewage from backing up into the building.
But for an average of $350k per apartment, they really ought to be able to cough up enough to put a check valve on every single drain in every single apartment, and still have a few hundred check valves left over to hand out to all their friends.
From where I'm sitting, the stink of corruption is much worse than the smell of sewage in Tim Niles' brand new apartment.
1 comments:
a pocket park could have been built for a Million:>) and then the rest could have been doled out to genuine middle class folks who could have bought up some of these dumps in the city and rehabbed them,.
This is a typical example of work from folks who have never earned a dime on their own nickel...
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