and I am now aware that this Park closure thing is nationwide, not just a Florida phenom. Rent control is a nasty concept and several California cities have given up on it…they were sued into submission, Santa Cruz comes to mind and D’Anza MHP. Rents went to 5K per month from 1K per month when rent control was banished. MHP owners were tired of subsidizing home sales. 1980 doublewides were selling for 500K on the Pacific Ocean cuz lot rent was a paltry 1K per month (due to rent control). In Santa Cruz a 1 bed apt. rents for almost twice that amount…ocean front 3 times that!
To get around this, owners were making rental lots condo lots where you buy your lot. This conversion was squeezing out low income folks and making owners phat. I support this…an owner takes the risk and plunks his cash down, i feel he (or she) should be able to fully develop to maximum potential and profit.
What do you all think? Cruel or just? In between? Happening in your market?
Pinellas County, FL is offering huge incentives to convert MHP to affordable housing (under 125K). 10 years of NO property taxes I heard from a local MHP owner…