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Originally Posted by GS8
From someone who was demovicted, I will say it can be a complicated subject to discuss as there are lots of variables. The building I lived in was built in 1969 but overall you couldn't really tell as they did some reno work and overall the building was clean and quiet (can't speak for every single tenant though). It needed a lot more work though such as windows, cabinetry, fixtures etc. which would have cost a lot of money. They spent something like $50k on a new boiler system which caused some pipes to burst throughout the building. Everything worked out in the end though. Of course, 4 months later, they got notice of their new land assessment which caused them to sell asap.
That said, when the average resident is paying $700 a month, no way the management company would have been able to pay for complex renos in 2019 money. But most of these tenants have been living here since the 1980s. I ran into one woman who lived there since 1972. I would have loved to know what her rent was.
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That's one of the issue with rent control. A lot of these buildings needs major reno but management company barely makes any money coz the rent is so low, if they have to invest in major repairs they are paying out of their pockets. So is just better to let the place rot and everyone move out and then sell the place to be redevelope.
If the gov really wants to help the lower/middle class built gov owned rental apartments. It works in HK,singapore I am sure if manage property it might work here. The issue we have is that a lot of these low income citizen are drug addicts and basically will destroy the place in a few days. Not to mention a lot of these people are pretty bad with hygiene so there are rats, bed bugs, mole, shit stins etc etc in their units.
The company I work for is involve in some of these low income rental apartments and we have no refuse to install any of our equipment there since they get destroy, pee on, rip apart and most of these people don't even pay for their service and came screaming, yelling being violent to our staff when we told them they need to pay their bills. Simply is not worth it.