Browsing Tag

affordable housing

2 posts

Vietnamese billionaires commit to building 1 million affordable housing units in the country by 2030

  • Some of Vietnam’s largest real estate developers have committed to building over 1 million affordable housing units collectively from now to 2030.
  • On Aug. 1, Bui Xuan Huy, the president of Vietnamese real estate developer Novaland, stated his company’s commitment to developing 200,000 social housing units in Ho Chi Minh City and other southern provinces.
  • Previously, in mid-May, a subsidiary of Vingroup called Vinhomes approved a plan to build 500,000 social housing units priced from VND330 million (approximately $14,108) in Hanoi, Ho Chi Minh City and Da Nang.
  • Vinhomes, which is owned by billionaire Pham Nhat Vuong, is a leading real estate developer in Vietnam and valued at over $10 billion.
  • The Him Lam Group, owned by Duong Cong Minh, who also chairs Vietnamese bank Sacombank, has stated it is ready to develop 75,000 social housing apartments from now to 2030 after resolving some issues related to procedure.

Some of Vietnam’s largest real estate developers have committed to building over 1 million affordable housing units collectively in the country from now to 2030. 

On Aug. 1, Bui Xuan Huy, the billionaire president of Vietnamese real estate developer Novaland, stated his company’s commitment to developing 200,000 social housing units in Ho Chi Minh City and other southern provinces. 

Rent prices tripling in an LA Chinatown apartment building means residents face possible homelessness

LA Chinatown Hillside Villa
  • The Los Angeles City Council is scheduled to vote today on plans to buy a 124-unit Hillside Villa apartment building in Chinatown amid huge rent hikes.
  • Hillside was previously under an affordability covenant that kept its rent low for the past 30 years, but it expired and owners can now raise prices according to market rates.
  • One tenant shared that she and her husband previously paid a combined total of $950 per month in rent, but now, that number has spiked up to $2,660.
  • They say the new amount is more than their entire monthly income, which means they will have no choice but to move if the council does not intervene.
  • If approved, the proposal includes taking out a reserve fund loan of approximately $46 million to acquire the building and reinstate its affordability covenant for the next 55 years.

The Los Angeles City Council is scheduled to vote today on plans to buy a 124-unit Hillside Villa apartment building in Chinatown amid huge rent hikes that would make the property otherwise unaffordable to its current residents.

The pending city council vote is two years in the making, during which its many low-income residents have been urging the city to purchase the building from its current owners, the Botz family.