Eventually Ray “slumlord” Peterson is either going to pass away (he’s 90 years old) or the city will declare his shacks a nuisance. His daughter says if Ray quits the landlord business, she quits it.
Sadly, the current occupants (who also tend to have crappy credit/criminal records) will not be able to afford or qualify for any of the new development that will arise to replace the Peterson hovels.
Because Madison is becoming a very special gentrified snowflake.
“In Madison, average listed rents for 2014 ran more than $850 per month for one-bedroom apartments and more than $1,000 per month for two-bedroom apartments, according to rental listing aggregation site Rent Jungle.
Peterson’s rents fall below that, ranging from $450 to $1250, with a varying number of bedrooms, according to his records. More than half of his tenants pay less than $500 per person, per month.”
Meanwhile the city will give millions to developers in TIF monies. And the developers then deliver minimal benefit to the city’s poor and working poor [I mean I guess an $11/hour job at that new hotel on the lake is a JOB .. but in this rental market and with all the other costs associated …].
But I suppose if it’s cheaper housing you want, you can live in another county and drive in – annnnd pay for higher car costs, emit more pollution, and clog up the Beltline