Chair Marte asks for data on average tenure of homeowners in ANCP projects
Marte asks whether HPD has data on how long people typically stay in their units after conversion. Tompkins says he does not have it on hand but can gather it, and Toporowski notes they often see intergenerational wealth transfer with families keeping units long-term.
Just a follow-up question on that point.
Do you guys have data on all the projects that you have funded, the city have funded, on the average amount of time that people typically sell their apartment after it goes to a program?
I don't on hand.
We can try and get something for you.
The goal, obviously, is to have.
folks stay in their units.
These are their homes they've lived in for many years.
And in most cases, I think we find that people stay there for a long time.
We typically see intergenerational situations as well.
So as Emily mentioned, there's a lot of seniors in the buildings and we see like
this being passed down to their family, creating generational wealth, it's staying within the family.
So certainly there's opportunities for people to sell if they desire, but the buildings are got rehabbed and they're basically brand new and you're buying it at a reasonable price.
So, I mean, if circumstances arise, they can sell, but for the most part, we find people really
want to stay in these neighborhoods and in these buildings, but certainly they can gather the data for you.
Okay, great.
I'm going to pass it to Councilmember Aviles.