by Leslee Kulba
Wild West blogger
Asheville has long been in a housing crisis. It is the fault of evil developers who refuse to build not only at a loss, but all the while providing whatever public benefits members of city council can flip up on a last-minute whimsy. To help the cause* of rent control, the philanthropic members of Asheville City Council want to pay a the developer of RAD Lofts $760,000 to keep rents below $1267 for a one-bedroom apartment and $1418 for a two-bedroom deal. Rents could only increase 3% per year for the duration of a ten-year contract. This is lovely for those of us who, following revals, have enjoyed rent increases of 25-30% to help the landlord with taxes, to fill the magic stash, so council can grab another $760,000.
$760,000 is about $10 per citizen or $3636 per tenant in the complex in question. Data may be old and unparameterized, but median rents in the Asheville Metropolitan Statistical Area are listed by multiple sources as being around $600 or $700. Complaints about upper-class welfare must quickly be hushed in light of the renewal and positive vibrations this engine of regeneration shall spearheadingly skyrocket.