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Texas Public Radio: Mobile home residents buy their park, protecting themselves from eviction

  •    Originally released by Texas Public Radio on December 12th, 2022
  •    Commentary made on January 20th, 2023

Preview:

JUANA SUMMERS, HOST:

Private investors have been buying up mobile home parks across the country, threatening to raise fees or close the parks altogether. From member station WBUR in Boston, reporter Simon Rios takes us to a community near Cape Cod where residents decided to fight back.

BOB COSTA: How's everything going?

UNIDENTIFIED PERSON #1: Good.

COSTA: Good - good to see you. How's it been?

SIMON RIOS, BYLINE: Bob Costa is like an unofficial mayor of Royal Crest Mobile Home Park in Wareham. On a recent afternoon, he walked through the park, saluting everyone he saw with a big smile.

UNIDENTIFIED PERSON #1: It's all right.

COSTA: You...

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Our thoughts on this story:

Another rehash of the residents in MA spending $80,000 per lot of a non-profit’s money to keep a professional owner from bringing their old park back to life to show them who’s boss

News 5 Cleveland: Retirement communities' fears over rising rent prompts letter from senator

  •    Originally released by News 5 Cleveland on December 19th, 2022
  •    Commentary made on January 20th, 2023

Preview:

STARK COUNTY, Ohio — Neighbors in several Northeast Ohio retirement communities are grappling with drastic rent hikes after a company took over properties in Navarre and Elyria. The seniors, many of whom are living on fixed incomes, worry how they’ll afford to stay in their homes.

News 5 stories highlighting the concerns are now being cited by Congress in a demand for answers.

Monday, U.S. Senator Sherrod Brown issued a letter to Legacy Communities, LLC about the steep rent hikes at Navarre Village and Twin Lakes. He also sent one to the Federal Home Loan Mortgage Corporation, better known as Freddie Mac, requesting a review of its...

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Our thoughts on this story:

Let me get this straight. The residents are mad because the new owner doubled lot rents for NEW residents moving in only but NOT for the existing residents. They claim this makes their existing homes harder to sell with the higher lot rent a new owner would have to pay. Perhaps the Senator would like to cover the rent differential if he feels that strongly about this ridiculous complaint. The residents could just pay the old rent and the Senator should pay the increase, right? If not, then he needs to shut up because he’s making a fool of himself.

WBUR: Big investors are buying mobile home parks — and upending the lives of residents

  •    Originally released by WBUR on December 8th, 2022
  •    Commentary made on January 20th, 2023

Preview:

John Piazza remembers when he first moved to Lee’s Trailer Park in Revere in 2000, after his rent skyrocketed in Boston.

Piazza fell in love with a 720-square-foot mobile home, finding it more spacious and affordable than his small apartment in the North End.

He said the park owners charge him just $575 a month for the lot under his home — a fraction of what he would pay in rent for an apartment in Greater Boston. He also paid $20,000 for the mobile home itself, far less than the cost of a traditional single-family home or condo.

The 84-year-old planned to spend the rest of his days at Lee's Trailer Park. But last year, the park was sold...

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Our thoughts on this story:

Another take on Lee’s Trailer Park, discussed above. And once again it makes the critical point that either rents go up or the wrecking ball comes in.

Voice of San Diego: Another South County City Is Regulating Mobile Home Parks

  •    Originally released by Voice of San Diego on December 7th, 2022
  •    Commentary made on January 20th, 2023

Preview:

On Tuesday, the National City Council moved forward with a new ordinance that will provide a temporary rent cap for all mobile home parks within city limits. The ordinance goes into effect on Jan. 1, 2023, and is good through the end of 2024. 

The decision to intervene in mobile home parks, which typically fall under state jurisdiction, comes after the Keystone Trailer Park increased its rent by 20 percent on July 1. Elected officials said the ordinance was a good first step but acknowledged that more work needed to be done to keep the cost of housing low. 

“It is long overdue,” said City Councilman Jose Rodriguez. “We need to make sure...

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Our thoughts on this story:

How dare this mobile home park owner raise rents by 20%! Sure, the rents are about 90% less than every other housing option in San Diego even after the increase, but that’s not the point apparently. I wonder how long it will take for the park owner to start calling land brokers to find someone to redevelop this parcel? Answer: not long.

Seeking Alpha: Manufactured Housing: Recession-Resistant REITs

  •    Originally released by Seeking Alpha on January 10th, 2023
  •    Commentary made on January 20th, 2023

Preview:

Summary
  • Manufactured Housing REITs snapped an incredible streak of nine straight years of outperformance over the REIT Index in 2022, impacted by headwinds from higher interest rates and hurricane-related disruptions.
  • Despite their REIT-leading growth rates, Manufactured Housing ("MH") REITs have historically been among the most interest rate-sensitive sectors due to their counter-cyclical demand profile and remarkable operational consistency.
  • While rent growth has moderated from record-high levels across other residential property types, MH revenue growth is poised to accelerate in 2023, driven by their under-appreciated...
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Our thoughts on this story:

Mobile home parks are the best sector in U.S. real estate. Couldn’t agree more. Great stats in this article. One of the few good ones in a sea of woke idiocy.