An article headed “In city’s Southeast, an untapped market F&M study shows buying power, but few places to spend; millions in rent taken out” goes on to say “More than $19 million annually leaves the area as rent paid to outside landlords. It represents a major transfer of wealth outside the very community that needs it most, Long said.”

WATCHDOG:  Only a small percentage ends up in the Landlord’s pocket.  All the rest goes to the same expenses home owners have to pay: taxes, insurance, maintenance, interest.  The Watchdog doesn’t dispute that home ownership is desirable to stabilize a community and in normal times, unlike the present, there is the potential for appreciation.

Updated: June 16, 2009 — 10:39 am