2018 and the WIoY (Worst Idea of the Year)

Denver is going to subsidize luxury housing for the middle class in order to keep these high rise hot spots from being empty.

Need I say more to my audience?  Probably not, but you might want a taste of this article from the WSJ:

Jamie Smith, president of St. Joseph Hospital, which employs about 2,200 workers in central Denver, said his medical technicians and newly graduated nurses are scattering further and further away from the city.

“These folks are in high demand,” Mr. Smith said. “They’re driving by four or five other hospitals much closer to their home to get to us, and at some point it becomes a problem from a recruitment and retention standpoint.”

The hospital is contributing $100,000 to the funding for the program and hopes it will help house dozens of employees.

God forbid they just give everyone a raise and let them decide where to live.

Or allow the Denver housing market to rest in a spot that functions. Somehow, I suppose by magic, they intend to determine “market value” to make sure no one is ripped off.

The city has requested units in new or recently renovated buildings. The city will do an analysis to ensure landlords charge market rates. City officials expect to spend about $500 a month subsidizing a single person and roughly $900 for a family.

Trilateral money.  Some from businesses like St. Josephs, some from charities and the rest from taxpayers.

 

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