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Basalt Town Council discussed a potential financial contribution to help purchase two, downvalley mobile home parks to help residents retain their housing.
The Aspen Basalt Mobile Home Park in Basalt and Carbondale’s Mountain Valley Mobile Home Park gave notice to their tenants in late March they were starting the process of either selling the parks to a private buyer or giving residents the opportunity to buy it themselves.
Residents on Tuesday filled council chambers to discuss purchasing the parks, with the goal of garnering support from local municipalities, as well as Colorado and national nonprofits.
Elizabeth Rivas, an Aspen...
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If it agrees, Basalt could join other local governments to raise $20 million to assist with the purchase of both mobile home parks. Basalt Town Manager Ryan Mahoney and Basalt Town Council members discussed a contribution of $250,000 toward the purchase. The $20 million goal, however, might be difficult for local municipalities to reach on their own. “It’s looking at this time that the $20 million ask is probably a little tall for the governments, if I had to read the tea leaves,” said Mahoney.
What’s so frustrating about these articles – which dominate the landscape right now – is that their logic is missing one fundamental reality: the lot rent will be the same or more under resident ownership as it will be under corporate ownership. Here’s why:
But there’s even more to the story. As anyone who has researched the end result of tenant-owned communities knows, the quality of life and the collection of rent go down when the amateur tenants run the property. They can’t evict their friends and they refuse to make cap-x repairs. The managers show favoritism to their friends and zero capability to find new debt when the loans come due. Essentially, a total disaster with a time-delay fuse.
So let’s cut the crap about how tenants buying the properties yields lower rents ad better quality of life. That’s a total lie. Instead, this is really just about virtue signaling. And, in this case, the city manager that offers $250,000 towards a $20 million target knows it’s just a way to get a headline and nothing more. The end.