Richton - Monterey Street Tiny House Development.

[bartocktoo]

In a city that has had negative home equity for the past several generations... hence, all the empty lots on this block... I don't see why this is a good idea. Those people would be better off putting that money into a low-interest savings account.

How would they have that money to put into a low-interest savings account? Even with Section 8 and other help available, most if not all would be paying $250-400 a month or more in rent. And at even at the high end of $400 a month they would end paying a total cost [[interest free) of around $34,000 to live at a place that after 7 years they own outright and then perhaps that could put the money into a low-interest savings account. But even if that $400 a month place is worth only half of the $34,000 at the end of 7 years, that's a pretty amazing deal.

[iheartthed]

How would they have that money to put into a low-interest savings account? Even with Section 8 and other help available, most if not all would be paying $250-400 a month or more in rent. And at even at the high end of $400 a month they would end paying a total cost [[interest free) of around $34,000 to live at a place that after 7 years they own outright and then perhaps that could put the money into a low-interest savings account. But even if that $400 a month place is worth only half of the $34,000 at the end of 7 years, that's a pretty amazing deal.

Perhaps I was a little harsh. I'll take back some of what I said. It does have value in providing a low income person a place to live without the overhead of rent/mortgage in a few years. But the same thing could have been done by just buying up existing empty homes and turning them over to low income people.