{"id":30581,"date":"2015-05-04T09:14:28","date_gmt":"2015-05-04T16:14:28","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=30581"},"modified":"2015-05-04T09:14:28","modified_gmt":"2015-05-04T16:14:28","slug":"kuow-nails-the-problem-of-placing-blame-for-rising-rents","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2015\/05\/04\/kuow-nails-the-problem-of-placing-blame-for-rising-rents\/","title":{"rendered":"KUOW Nails the Problem of Placing Blame for Rising Rents"},"content":{"rendered":"<p>In March I wrote <a href=\"http:\/\/seattlebubble.com\/blog\/2015\/03\/27\/dont-blame-investors-for-unaffordable-housing\/\" title=\"Don\u2019t Blame Investors For Unaffordable Housing\">a post calling out people who blame investors for rising rents and unaffordable housing<\/a>. Today I&#8217;d like to highlight some reporting that gets it right.<\/p>\n<p>This story by KUOW&#8217;s Joshua McNichols is a couple weeks old, but he hits the nail on the head, and I wanted to make sure it wasn&#8217;t overlooked. <a href=\"http:\/\/kuow.org\/post\/why-rickety-building-lost-fight-against-rising-rents\" title=\"Why This Rickety Building Lost The Fight Against Rising Rents\">Why This Rickety Building Lost The Fight Against Rising Rents<\/a><\/p>\n<blockquote><p>Frustrated renters often blame developers. But the reality is more complicated&#8230;<br \/>\n&#8230;<br \/>\nThe Summit Inn started out as housing for people with mental health problems. It morphed into an artists\u2019 hub over time because of its former owner, Peter Sikov, whose motto was to &#8220;create places where things can happen.&#8221;<br \/>\n&#8230;<br \/>\nRents at the Summit Inn stayed low because Sikov didn\u2019t maintain the building much. Over time, it slid into disrepair.<br \/>\n&#8230;<br \/>\nLast year, the Seattle City Council passed a law requiring that all rentals meet a standard. Apartments would be subject to random inspections. <\/p>\n<p>Sikov balked. And at the end of 2014, he sold the Summit Inn for twice what he paid in 1998.<br \/>\n&#8230;<br \/>\nThat&#8217;s when Brad Padden entered the picture.<\/p>\n<p>&#8220;We bought the building at today\u2019s market rates,&#8221; Padden says. &#8220;There was no discount to us so that we could continue with that kind of patronage of the residents there.&#8221;<\/p>\n<p>Padden and his business partner bought the building for almost $3 million.<br \/>\n&#8230;<br \/>\n&#8220;When you buy a $3 million building, and you put $2 million into it, you have to recoup those costs,\u201d he says.<\/p><\/blockquote>\n<p>You should <a href=\"http:\/\/kuow.org\/post\/why-rickety-building-lost-fight-against-rising-rents\" title=\"Why This Rickety Building Lost The Fight Against Rising Rents\">read (or listen to) the entire story<\/a>.<\/p>\n<p>As Joshua points out, an investor can&#8217;t buy an apartment and increase the rents if the previous owner doesn&#8217;t first put it up for sale. If you insist on having someone to blame, perhaps you should be blaming the <em>sellers<\/em>, not the buyers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In March I wrote a post calling out people who blame investors for rising rents and unaffordable housing. Today I&#8217;d like to highlight some reporting that gets it right. This story by KUOW&#8217;s Joshua McNichols is a couple weeks old, but he hits the nail on the head, and I wanted to make sure it&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"On the blog: KUOW Nails the Problem of Placing Blame for Rising Rents http:\/\/wp.me\/pe2Bv-7Xf","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[612,199,198],"tags":[1115,1091,850,281,1118,59],"coauthors":[],"class_list":["post-30581","post","type-post","status-publish","format-standard","hentry","category-local","category-opinion","category-news","tag-economy","tag-housing-bubble-2-0","tag-investors","tag-kuow","tag-opinion","tag-rent"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>KUOW Nails the Problem of Placing Blame for Rising Rents \u2022 Seattle Bubble<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seattlebubble.com\/blog\/2015\/05\/04\/kuow-nails-the-problem-of-placing-blame-for-rising-rents\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"KUOW Nails the Problem of Placing Blame for Rising Rents \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"In March I wrote a post calling out people who blame investors for rising rents and unaffordable housing. 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