Debate On Downtown Affordable Housing
The 'affordability rental standard' proposed in Hartford is "20 percent lower than the lowest rent ceiling established" by HUD's HOME Program. In reaction to the proposal, the Hartford Courant writes:"A proposal now before Hartford's city council could impede the construction of high-end apartments...Some housing providers think there are enough affordable apartments in the neighborhoods around downtown to fill the need....A building has to make money to pay its costs and turn a profit. If 20 percent of the apartments are loss leaders, the other apartments must make up the difference. In other words, landlords have to charge higher rents. The prospect of higher rents could dissuade developers from undertaking upscale projects."
Thanks to Connie Chung