Mom-and-pop landlords own a steadily shrinking share of American apartments. The increased concentration of rentals in the hands of absentee private equity firms damages our communities.
It would be easy for Jim Sweeney and Blake Compton of Walnut Street Partners to level the dozen or so remaining worker houses on a short, narrow block of Walnut Street and put up a couple of typical, boxy “five-over-ones” with tax abatements. But that’s not their vision.
The city’s tax abatements for apartment projects are, in effect, subsidizing the rapacious interest rates of the private equity and hedge fund ‘investors’ who help finance housing development.
Columbus is rife with silly franchised juice bars, phone stores, and other fleeting chains that occupy space for a while but never come close to replacing venerable dives and other businesses that were bulldozed to make room for ‘progress.’
While the apartments proposed for a narrow Franklinton lot might be from the wrong developer and set in the wrong location, the concept is something that has merit.
It’s all too common in Columbus (and many other cities) for an empty building or vacant lot to be a stain on the neighborhood while an owner waits for a better redevelopment deal.
The following is a sample column Brian Williams provided with his application to become a Columbus Dispatch Metro columnist in 1997. This is the first time it has seen the light of day.