A new trend: Homeownership is going down and apartment living is going up. That’s totally fine, but why do homeowners have to give apartment operators a tax break? AvalonBay who partners with iStar will profit from this trend.
“The number of occupied housing units grew, but all on the renter side. The number of owner-occupied units fell from a year ago.
“Our results for the second quarter and year to date exceeded our original outlook,” noted Tim Naughton, chairman and CEO ofAvalonBay, one of the nation’s largest apartment REITs, in the company’s second-quarter earnings release out Monday. “For the balance of the year, we expect accelerating apartment demand to support stronger performance across our business.”
THEN WHY THE F*** ARE THEY GETTING A TAX BREAK? AND IT IS BEACH FRONT PROPERTY! HOLY CRAP! I CANNOT EVEN FATHOM HOW WRONG THIS IS.
Here is something else for you to read as you prepare to pay your City of Long Beach taxes, due by 07/31/2015. CNBC: AvalonBay reports 2Q results