If you are upset about the lack of affordable housing in Asheville, consider these numbers. The true monthly costs of being a landlord: $850+ mortgage (on a $145,000 house at 8 percent [interest], which is what interest rates were when you could buy one at that price in Asheville), $160/month landlord insurance, $140/month property taxes. That is $1,150 per month.
Landlord insurance wants verification that renters who make three times the rent are being rented to (otherwise the landlord is not considered a reliable risk-taker). That is $3,450 per month documented income (taxes, pay stubs, bank statements).
How many people in Asheville make that? You would have to work [more than] 80 hours a week at $10 an hour to do so. Of course outside, short-term rentals that don’t need to qualify guests beyond their credit card are great.
The city needs to:
1. Not initiate regulations that restrict a small landlord’s capacity to keep their properties.
2. Stop selling their low-income housing developments to the highest bidder.
3. Incentivize the true development of affordable housing (which means a significant financial investment by the city, so perhaps the city should just build more themselves? Novel idea).
— Rupa Russe
Asheville
And one final note, IT’S CALLED TRICKLE DOWN ECONOMICS because it also influences rents. And while you have a vocal group that vilifies Reagan and the policy of trickle down, the scum in government and “progressives” are serving it in heaps to you folks. And you take it without question. Weak sauce is what it is.
I would just also add that my intention with this letter is to bring an awareness to the general renter of the costs involved in being a landlord, you need to know why prices are (usually) as they are. Hopefully the ‘us’ vs. ‘them’ fear-mongering about this issue can abate so less dramatic and more appropriate policies can be enacted.
I am currently housing two homeless veterans through the Homeward Bound agency and program. During my own time of residential limbo, this program has helped me stabilize a precarious financial situation while providing housing for the homeless who have served our country. Today I cashed a very prompt rent check that was in my mailbox on this first day of the month. My new roommates are incredible and it has been a pleasure to provide them with more than a house, rather, a real home. Each room I rent (now 2) generates up to $700 a month ( I am charging $650) with a 3 month lease and option to extend to 5 months. The money is provided by the Federal government and the checking account is held at our own Asheville Savings Bank so cashing the check is instant. Of course there would be more flexibility for both tenants and landlords if the city and county would relax rather than restrict the ordinances concerning short-term rentals. Hopefully our town leaders will see the benefits to the citizens and those who have protected our freedom.