It's very good to see the city actually mention that the requirement for low-income units is TEMPORARY .
The 12-year multi-family property tax exemptions carry with them a time-limited and unit-limited restriction. In this case the city has negotiated for more than the legal minimum, and that is good.
But considering the limits on required low-income units, compared with the life of the investment for the owners, it doesn't look like a great deal.
We need PERMANENT low-income housing.
Bob Jacobs
Please explain the inappropriate content below.
