Washington Courtyards: Multifamily At 2505 Washington Ave.

[jgs1419]

"The 1 million+ immigrants, the vast majority of which will be illegal..."

The population numbers are widely quoted by Housing Opportunties for Houston, and the economists at Rice and UofH. They are based on legal immigration.

"As for counting on these folks to keep our tax base healthy, 1) they aren't going to be buying many houses anyway so they won't be contributing to our tax base"

If we maintain our historical average of 45% home ownership, we need 450,000 new for sale houses in the next 15 years. Many of these houses will be for second/third generation immigrants which is one of the fastest growing segments of our population and they do buy houses.

"and 2) these artificially created, subsidized housing projects would create much more tax revenue if they were priced at market"

The projects wouldn't exist if they were priced at market. The Avenue CDC project you discussed was built in '98. In 1998 you could buy land on Washington Avenue for $5/ft2 all day, every day. Developments like Washington Courtyards paved the way for all the follow-on market rate development. Washington Courtyards is a mixed incomve development with subsidized rents and market rents.

"Government and mostly well meaning CDCs need to quit trying to create artificial economic islands and just let nature take it's course."

Nature did take it's course. There are 29,000 lots in the city that are tax delinquent and won't be redeveloped without intervention because many of the owners are unknown or intestate. The city needs the tax dollars. The neighborhoods need the stimulation or they will continue to decline. Once the investment starts in the target neighborhoods, the for-profit developers will follow behind like sheep. Land speculation on available property with clear title has already started.

So, relax, go to an art show and tell all your socialist friends what a killing you made on the property you bought in the city.