Government has stolen this landlord's property. Check this out!
I can't explain it better than this youtube video. Check it out:
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Well, just did a tiny bit of research on this (google search and read a few articles) and this post title and the podcast are both misleading. The building has not been stolen by the government. They are considering buying it. It was built as subsidized affordable housing in the first place and has been part of the section 8 program for 30 years. Now the city is considering offering $46M (formally appraised fair market value) because the 30 year agreement for it to remain affordable housing has expired. The owner was enriched by an initial affordable housing subsidy when it was built, and then the section 8 program paid him rent consistently for 30 years and he's now about to cash out. He says the building is worth $57M but it appraised for $46M. I doubt any of us would pay $11M over appraised value for this building and it sounds like the owner benefitted greatly from these "socialist" programs to me, and is now simply negotiating for a larger buyout. The building is probably actually worth less than $46M.