I have some insight / personal opinion and this is something I'm actually somewhat of an expert in but overall the article was good (and they frequently aren't).
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I lived within walking distance of that building - even watched it get built! Something the article tap dances around without *explicitly* addressing is the state of the neighborhood itself. One block north is an open-air drug market. A few blocks south, encampments. Tough sell for that income range
sep 1, 2025, 2:51 pm • 3 0 • view
The other thing no one (at least in Seattle / Portland) really wants to talk about is that COVID era tenant protections and other social policies put all providers but especially affordable housing providers in a really difficult financial position.
sep 1, 2025, 5:19 pm • 3 0 • view
Perhaps surprisingly it turns out that when people learn they can't get evicted for not paying rent a reasonable portion of them decide to not pay rent.
sep 1, 2025, 5:28 pm • 4 0 • view
And when people learn they can't get evicted for letting their friend smoke meth in the stairwell... guess what happens?
sep 1, 2025, 5:36 pm • 2 0 • view
Affordable housing is generally underwritten to 95% paying occupancy and somewhere between 1.15x - 1.2x debt coverage. Guess what happens when paying occupancy goes to 85% (or lower) insurance doubles, and repair expenses go through the roof?
sep 1, 2025, 5:39 pm • 2 0 • view
And most providers are non profits that essentially break even because, well, non profits. Inland (mentioned in the article) isn't but they're the exception.
sep 1, 2025, 5:41 pm • 1 0 • view