04/21/22

Dear Friend:

Imagine being a senior who finds out your rent has nearly doubled and there is little or no comparable housing available.  Or that after having worked hard for years to pay for your home, you now find yourself struggling to afford higher property taxes brought about by the supercharged housing market.  That is reality for many people today in Greensboro.

Due to a limited rental market and demand driving prices upward, people with the lowest incomes often are forced out of their homes.  The same holds true of low-income homeowners, especially older persons on fixed incomes who face rising property taxes as assessments increase.

While there is no singluar answer to this problem, I have proposed some innovative, compassionate ideas.  Some of which have been utilized by other cities.

1. Administrative fees and “rental security deposits” are draining bank accounts.  Rental security deposit ordinances require landlords/developers of larger apartment complexes to accept renter’s security deposit insurance.  This can be purchased by renters for a fraction of the costs of typical security deposit amounts, in lieu of large security deposits, which are often held without repayment. 
2. We need a program for persons below the Area Median Income (AMI) and who have held residence in their property for at least several years that keep’s their property taxes stable even if valuations or tax rates increase. The goal is to ensure low-income homeowners are not forced from their homes by tax increases that force them to sell their homes.  You can read my email ‘Growth That Lifts Us All’ that I sent you on March 22nd here.

Where there are ways to reduce stress on families, we must be forward-thinking and consider them.  That is why I have proposed these, and if not passed by this council, I will push them forward as mayor.

For Our Future,