Have we taken the affordable housing craze too far?

[Stuart Udis]

Everywhere I turn all I see are pitches for affordable housing and the same (not so) compelling arguments regurgitated by syndicators, capital raisers, brokers etc. for the investment strategy....strong returns...lower volatility....supply (huh?) and demand....yet today was a first for me. I was sent an offering memo by a broker selling a multi-family building in an area no reasonable person would even consider affordable housing material yet the marketing materials made a point of emphasis to detail how the property would satisfy the need for affordable housing. Have we gotten to a point in this industry where a property is more attractive by short changing the true fundamentals and classifying the property an affordable housing opportunity?