From what I’ve read in the U-T, the City, esp. in councilman Young’s district (who is pushing this), will be buying up some of these foreclosed properties, and thus be in competition with the private sector investors.
If these will be houses and apartments rented out by the City to Housing Commission tenants, look out for some unfair competition all you investors.
Almost certainly, the City will not pay for building permits for any rehab, will not pay the annual rental tax, will not pay market interest rates if borrowed money is used, and may not even pay property taxes.
It’s great to be in competition with your local government, especially when they use your taxes to support their new adventure.
