"In a real estate market as hot as Washington DC's; landlords forcing elderly and poor residents out of their homes so they can "flip" the property and sell it to wealthy millennials isn't news-unless the landlord is the city's Public Housing Authority."
In DC, some public housing tenants forced out so homes can be flipped, sold _ or sit vacant
http://www.usnews.com/news/us/artic...housing-tenants-forced-out-then-homes-flipped
In the rapidly gentrifying nation's capital, real estate investors aren't the only ones flipping houses for profit. The city's public housing authority is getting in on the action — moving aging tenants out of homes where they've lived for decades, renovating them and selling them to wealthy buyers.
The renovations, at a cost of more than $300,000 per home, are outfitting the houses with luxury amenities, and some of the houses have sold for nearly $900,000. Others, however, have sat vacant for a year or longer after tenants were forced out.
The housing authority plans to use the profits to renovate existing subsidized rental units and build new ones. But most of that work hasn't started, and none of the money has gone to new construction yet, according to the agency. Meanwhile, sales have been slow-moving and haphazard.
Some elderly tenants and their children have asked for an opportunity to purchase the homes, only to be rebuffed, even after spending thousands of dollars maintaining the rental properties.
(More at above url)
In DC, some public housing tenants forced out so homes can be flipped, sold _ or sit vacant
http://www.usnews.com/news/us/artic...housing-tenants-forced-out-then-homes-flipped
In the rapidly gentrifying nation's capital, real estate investors aren't the only ones flipping houses for profit. The city's public housing authority is getting in on the action — moving aging tenants out of homes where they've lived for decades, renovating them and selling them to wealthy buyers.
The renovations, at a cost of more than $300,000 per home, are outfitting the houses with luxury amenities, and some of the houses have sold for nearly $900,000. Others, however, have sat vacant for a year or longer after tenants were forced out.
The housing authority plans to use the profits to renovate existing subsidized rental units and build new ones. But most of that work hasn't started, and none of the money has gone to new construction yet, according to the agency. Meanwhile, sales have been slow-moving and haphazard.
Some elderly tenants and their children have asked for an opportunity to purchase the homes, only to be rebuffed, even after spending thousands of dollars maintaining the rental properties.
(More at above url)
