East Bay Asian Local Development Corporation (EBALDC) says that two properties will be foreclosed – and affordable deed restrictions removed – unless the city comes to the rescue
There is an underlying absence of economic reality behind the housing policies and decisions of Oakland 's political leadership over the past several decades. "Activists' have been driving the bus in almost total darkness, ignoring the basic economics of housing. This story should surprise nobody. Housing is expensive to operate and maintain, especially older buildings with tenants with challenges. Limiting rents removes a property from market signals and realities, creating a fantasy set of budget and operating numbers. Eventually, reality comes knocking and the same politicians either retire, hide, rationalize, or distract with blame of others. We are likely to see this same story play out over and over again as more and more Oakland housing 'disappears' and no new housing replaces it. Economic reality is difficult, often painful, but ultimately unavoidable, despite attractive ideology to the contrary.
There is an underlying absence of economic reality behind the housing policies and decisions of Oakland 's political leadership over the past several decades. "Activists' have been driving the bus in almost total darkness, ignoring the basic economics of housing. This story should surprise nobody. Housing is expensive to operate and maintain, especially older buildings with tenants with challenges. Limiting rents removes a property from market signals and realities, creating a fantasy set of budget and operating numbers. Eventually, reality comes knocking and the same politicians either retire, hide, rationalize, or distract with blame of others. We are likely to see this same story play out over and over again as more and more Oakland housing 'disappears' and no new housing replaces it. Economic reality is difficult, often painful, but ultimately unavoidable, despite attractive ideology to the contrary.