Speaker 1: What do they do? Well, they could sell the properties that aren't making money. But then they risk housing prices going down, potentially even rent going down. That doesn't seem like a good option. That'll lose money. Well, some of these properties are really cheap to hold on to and maintain. And some of these other ones command a higher rent than they are costing the landlord. They could use these higher rent properties to pay the cheaper properties, property taxes, and just leave it empty. Putting it on the market would make them lose more money than they make by holding on to it. If they want to make sure they make as much money as possible, it is in their best interest to leave that property empty. Allegedly this exact thing is happening in New York City right now due to the COVID exodus. Landlords have realized that instead of lowering rent on all of their properties, they can lower it on a handful of them and still cover their costs. There are empty apartments all over the city while people sleep on the streets. Now some people will see this and think, Well, those landlords are good people. But not all landlords are bad people. To that, I posed this question. If we were in the middle of a water crisis and people were dying of dehydration and a person who happened to buy a couple of different wells before the crisis was selling access to their extra wells at market rate. Would you consider that person a good person? I would call that profiteering. And even grocery stores decided to stop to put a stop to that kind of behavior during the toilet paper shortage of the pandemic. Why can King Soopers see that this behavior needed to be regulated? But the city of Denver can't. If left unchecked, landlords just increase the cost of housing for everyone. We have to do something to limit the number of homes that landlords own. But how? Thank you.
Speaker 0: Thank you. We're going to go back and try to get Mariana Thompson in the queue. And so I believe we have you moved over to the panelist, Mariana, and so we just need you to unmute, please. Mariana. Okay.
A bill for an ordinance authorizing the issuance and sale of an amount not to exceed $15,425,000 of the City and County of Denver, Colorado Multifamily Housing Revenue Note (The Rose on Colfax) Series 2021 for the purpose of financing the acquisition, construction, renovation, rehabilitation, improvement and equipping of an affordable multifamily housing facility in the City and County of Denver, Colorado and to pay certain expenses of such Notes (as defined below) issue; approving and authorizing execution of a Funding Loan Agreement, a Borrower Loan Agreement and a Tax Regulatory Agreement (each as defined below) with respect to the Notes; making findings and determinations with respect to the Project (as defined below) and the Notes; authorizing the execution and delivery of related documents; and repealing all action heretofore taken in conflict herewith.
Approves the issuance and sale of an amount not to exceed $15,425,000 of the City and County of Denver, Colorado Multifamily Housing Revenue Note (The Rose on Colfax Project) Series 2021 for the purpose of financing the acquisi