As we’ve outlined in past postings, an offer of sale of $250 million has been put forth to the Museum Square tenants association as a means to honor the Tenants Opportunity to Purchase Act (TOPA). This number is generated by the landlord based on raze and redevelopment potential of the site at a higher density rather than what the fair market value is for the units. This story will continue to be ongoing as things develop and the media writes stories on the tenants attempts to avoid being displaced.
The latest is from the Washington Post and is entitled “Black, Asian residents unite to save low-income building near Chinatown.” Eye opening, but at least for me, in a way that cuts both ways.
Here is an excerpt from the article:
Chuan Xiu Ye signed. Ye, 74, was among the last members of her family to remain in China. Ten years ago, she moved to the United States to be closer to her grandchildren.
While attending the Chinese Community Church, worshipers told her about Museum Square in the adjacent Mount Vernon Triangle neighborhood. The building was increasingly populated with people who had left China after retirement and struggled to learn English.
So essentially you can work your life in another country then come to the United States to retire on Section 8 housing subsidies, food stamps, etc?