Preview:
VANCOUVER, Wash — Over 200 residents of the Vista Del Rio Mobile Home Park, located in East Vancouver off SR-14, are trying to buy the land where they live. The current third-generation owners announced they will be selling the land in a letter to residents back in May.
“I was shocked and angry,” said Wendy Cassidy, who has lived in Vista Del Rio since January. “And you know I can’t sell it because of the pending sale. We are part of the middle class now, the retired middle class — that we can’t afford to rent anywhere.”
Cassidy tells KGW this is the second time she has been in this situation, where the mobile home park she...
Our thoughts on this story:
First, let’s look at the improbability of the tenants buying the park:
O’Banion says federal grant money is needed to move forward with the $41 million land purchase — something she is unsure they will secure by Nov. 1.
There’s no way on earth that the tenants are going to find a federal grant of at least $10 million in three weeks for the down payment, and everyone knows that. This is the same government that can’t even get a $750 check to the victims of Hurricane Helene.
But there’s an even more worrisome part to these tenant-first-option pitches and that’s the way that the media frames it as a life-or-death predicament:
“History has shown that when an investor purchases a manufactured housing community there is economic eviction because the residents are not going to be able to afford the lot rent that the investor charges,” said O’Banion.
Here’s where that argument falls apart. There are hundreds of mobile home parks that change hands each year and residents buy somewhere around 10 of those. That’s all. And I don’t see any uptick at all in the vacancy rates in those parks bought by professional investors. In fact, it’s the exact opposite. When a professional investor is the buyer they typically improve the park’s infrastructure, bring in homes to sell to occupy the vacant lots, and install professional management. This leads to a better living experience for the residents and makes detached affordable housing attainable. It’s a total contradiction to the claim that the residents are saddled with “economic eviction”.
The truth is that – and I urge you to research this – many properties that have sold to the residents have had nothing but declining conditions coupled with higher rents than even the professional buyer would have charged. The reason? Committees of residents are terrible managers of the property, having no desire to evict each other for non-payment as well as being incompetent stewards of the property.
STUPIDITY INDEX RATING: 10

