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