3 ms·

Publix in Seattle is a perfect example. A developer bought them out, them combined every 2-3 SROs to make a (still small) luxury apartment. I do not begrudge

Publix in Seattle is a perfect example. A developer bought them out, them combined every 2-3 SROs to make a (still small) luxury apartment. I do not begrudge the developer. If you were to propose the opposite (taking an existing set of luxury apartments, and subdivide them into more rent paying units), it would probably be more profitable, but you would never get the plans approved.

seanmcdirmid 5y ago
> it would probably be more profitable, but you would never get the plans approved. I'm not sure it would be in this market. Catering to people with money is pretty profitable. Catering to lower income tenants...even with more scale on your side, might not work out, especially with the extra overheads involved (with Seattle's strict eviction laws, for example). Most small-scale landlords in Seattle are trying to get away from even moderate income housing that might require them to fund moving costs because of future rent increases (as well as rising eviction costs...it doesn't make much sense to rent to anyone but a very well funded and low risk techie).
- legitster 5y ago
  I remember watching this fight play out in real time in Seattle: https://www.seattleweekly.com/news/somethings-rotten-in-roosevelt/ https://www.seattleweekly.com/news/somethings-rotten-in-roos... > Most in the crowd were furious about the Sisleys’ refusal to help keep up the neighborhood. “I feel like I’m watching a neighborhood crumble,” said David Ahrens. Another angry resident added, “These are transient places. People are moving in and out. I think you need to get more aggressive with them.” > In 1994, after the DCLU took action on a number of violations at Sisley properties, including the illegal conversion of a house that was zoned single-family into a six-unit “residents’ club” house, Gilbert brought a similar suit against city officials. Then there's all of the Carl Haglund stuff. I think people have tried to cater to low income tenants, and all of them have been run out of town.
rootsudo 5y ago
Sorry, Publix in Seattle!!? Ah, "The Publix" - I saw it a few times in ID and was confused with the SE/Florida based Grocery Store.

seanmcdirmid 5y ago

> it would probably be more profitable, but you would never get the plans approved. I'm not sure it would be in this market. Catering to people with money is pretty profitable. Catering to lower income tenants...even with more scale on your side, might not work out, especially with the extra overheads involved (with Seattle's strict eviction laws, for example). Most small-scale landlords in Seattle are trying to get away from even moderate income housing that might require them to fund moving costs because of future rent increases (as well as rising eviction costs...it doesn't make much sense to rent to anyone but a very well funded and low risk techie).

legitster 5y ago
I remember watching this fight play out in real time in Seattle: https://www.seattleweekly.com/news/somethings-rotten-in-roosevelt/ https://www.seattleweekly.com/news/somethings-rotten-in-roos... > Most in the crowd were furious about the Sisleys’ refusal to help keep up the neighborhood. “I feel like I’m watching a neighborhood crumble,” said David Ahrens. Another angry resident added, “These are transient places. People are moving in and out. I think you need to get more aggressive with them.” > In 1994, after the DCLU took action on a number of violations at Sisley properties, including the illegal conversion of a house that was zoned single-family into a six-unit “residents’ club” house, Gilbert brought a similar suit against city officials. Then there's all of the Carl Haglund stuff. I think people have tried to cater to low income tenants, and all of them have been run out of town.

rootsudo 5y ago

Sorry, Publix in Seattle!!? Ah, "The Publix" - I saw it a few times in ID and was confused with the SE/Florida based Grocery Store.