See that is the problem with the lack of foresight and that tells me that John and company do not have real estate management experience. If he did then he would understand that when value and price don't meet in the middle at equilibrium then the residents are either going to not be able to pay rent or move out after finding a place that isn't so expensive which usually comes with a higher turnover cost in this arena.A lot of times when people enter into these agreements they have nowhere else to go so they will sign whatever just to get a roof over their heads. In the article he mentions how he would be embarrassed if investors saw the property and I am sure he is right. The firm I work for has section 8/low income housing as part of their portfolio and the condition some of these people live in/leave the property in is plain disgusting.
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