Some Neighbors Say ‘Not In My Back Yard’

Article – wdsu.com

The reason people are concerned about their property values going down is because unfortunately in most cases they do.  The reason property values go down is not so much building affordable housing but who owns it, who manages it and why they built it in the first place.  Most developments are built because the developers and the investors make good money with tax credits while portraying themselves as caring about helping lower income individuals.  Most are owned by investors who never see the property and have no interest in it other than the profit.  They hire huge property management companies to manage these properties and whose goal is to make the best profit for their client.  Along with the state and government agencies they ignore laws as far as the conditions of the property and screening tenants.  Basically, they all have made and are making good profits and could care less what happens to the development after that.  A good example of this type of situation is toxic mold infested Jefferson Lakes Apartments in Baton Rouge, La. managed (for the owners) by Riverstone Residential.  This is ignored by The Louisiana Housing Finance Agency whose goal is to provide SAFE and affordable housing.  These apartments are far from safe and all those involved are aware of this since a mold inspection was done during a sale in 2007 (other reports were done before that).  They could care less.  No wonder people are concerned, they should be.  It’s not that people don’t want affordable housing, it’s the way it is done for the wrong reasons.  katy