They ****ed up. They "Trusted" niggers. Some fools never learn. The
nigger earns its name every day.
>If you assumed for a moment that 200,000 new residents coming to town
>would be a good thing for the market, you would be dead wrong. Its
>about who they are. As some would say, "One Word - Niggers"
>
>After the hurricane that devastated New Orleans, it was Houston's
>turn. Victims fled to the Texas city in unprecedented numbers. The
>extraordinary private-public cooperation resulted in the housing of
>over 200,000 Katrina victims in Houston alone.
>
>Public administrators at all levels patted themselves on the back for
>responding to the crisis. Private owners no doubt smiled after filling
>a lot of vacant apartments with tenants whose rents were paid by
>various governmental entities.
>
>But private-public cooperation did not guarantee that all parties
>would walk away satisfied with the outcome. As economist Muhammad
>Yunus, the 2006 Nobel Peace prize winner, has stated, "Give a homeless
>man money, and he'll eat for a day. But the next day, he'll be back."
>Fortunately, Katrina victims were given money to tide them over for a
>short time. Unfortunately, the handouts increased and rolled on for
>far too long.
>
>Appalling conditions
>
>
>In the second half of 2007, I toured 15 apartment complexes in the
>Houston area, while considering an investment. These complexes had
>taken in Katrina victims, and were being advertised for sale as
>"fixers." In fact, they were all in a catastrophic state of disrepair.
>
>In November, I looked at a 240-unit Houston complex that had 62 paying
>tenants after evicting all non-paying Katrina victims. The carpeted
>rooms looked like they had been subjected to fraternity food fights
>for tens of semesters. Several units were destroyed by fires.
>
>Fire happens everywhere, but I observed a number of units where paper
>was piled up on stoves and in ovens, then set on fire by disgruntled
>departing tenants. Some units were completely destroyed, while other
>arson attempts, fortunately, did not succeed. In many dwellings,
>evicted tenants had turned on water faucets and flooded the
>apartments, causing the units to be engulfed in mold. If the units
>were second-floor flats, the purposeful acts caused ceiling failures
>and floods in the lower units.
>
>The project is now in the final stages of foreclosure and is for sale
>for about 60% of what it sold for just over two years ago. I drove by
>a 400-unit complex in the same area, with 200 units boarded up after
>Katrina victims had left, and did not bother to stop.
>
>In another southeast Houston development with more than 200 units, the
>manager told me that Katrina victims were taken in and that she
>greatly regretted the results. The complex had the same trademark
>Katrina conditions: flooding in multiple units, filthy conditions,
>countless holes knocked into walls, and boarded-up units. It is now in
>the final stages of foreclosure.
>
>Taking a financial hit
>
>
>In a northeast Houston complex of 130 units, I observed even greater
>devastation. Half of the units toward the front were 100% occupied.
>The other half fronted another street to the rear. All the vacant
>units in the rear took in Katrina victims, and as long-term tenants
>eventually fled the resulting chaos, the management took in more
>victims.
>
>Two years later, the 65 units on the front street are still clean and
>maintain long-term tenants. The 65 units on the rear street are 100%
>vacant and in a state of virtual destruction. Tenants or others ripped
>down walls and ceilings to gain access to copper plumbing and wiring.
>
>I have walked into many apartments in extremely poor condition in the
>last three decades of rehabilitating housing, but after glancing in
>dwellings with missing doors and windows, I chose not to enter any of
>the destroyed apartments. This particular complex has a relatively low
>density of 20 units to the acre, looks very nice from the exterior,
>and in good condition, and would reasonably be worth $30,000 per unit.
>The property, however, is now in escrow at $11,000 per unit.
>
>No one suggests that Katrina victims should have been turned away.
>What apartment owners did was a fine gesture, and they should be
>proud. But I bet that the prideful feelings have been overwhelmed by
>sick feelings and empty holes in wallets. As a Houston real estate
>investor said to me, "Tell the next horde of victims to pass over
>Houston."
>
>Houston apartment owners should have demanded rehabilitation
>guarantees from the various public entities that urged them to take in
>government-sponsored tenants. Such guarantees would have prevented
>tremendous loss of income and value in the Houston rental market.
|
