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“Tenants in limbo after sale of ‘naturally affordable’ apartment building” – Real Change features the Madkin
By Guy Oron | August 17, 2022, originally published in Real Change
“Tenants of a Capitol Hill apartment complex are fighting to stay in place after their building — an example of “naturally affordable” housing in Seattle — was sold to a private company….
The building is also home to many artists and creatives, including Grammy Award-winning guitarist BluMeadows.
Tenants in the building say that the previous owner, Fally Tyson, intentionally kept rent at a below market rate to keep the units affordable. That allowed residents to stay in the building for decades and build a genuine sense of community with their neighbors — a rarity in Seattle’s housing market.”
“Tyson passed away in 2020 at the age of 79.
Madkin tenants — who won the proverbial lottery by having a landlord like Tyson, who intentionally lost out on extra profits by renting below market rate — may now have to scramble to find new accommodations if the new owner decides to raise their rent
Anthony Williams, a retiree living on social security benefits, said that he has lived in the Madkin for more than 40 years…”
Read the entire article at Real Change!
Big thanks for Guy Oron for this incredible article.