North Star Nook: Sub Zero Edition
Homes Act Continued, Tom and Jerry's, Odds and Ends
Greetings! I hope this substack finds you well and warm during this cold blast. Apologies for the gap in writing, November got away a bit with the presidential election (I was asked to provide election night coverage on WDIO, our local news station and it was quite the experience watching the results poor in, in real-time and realizing that the election was not going to be going the way I had hoped). And of course the start of the holidays and deer season. Happy Holidays to you and yours and happy reading!
In continuing to highlight the “Homes Act” introduced by Sen. Tina Smith (MN) and Rep. Ocasio Cortez this addition will discuss Co-ops. The HOMES Act gives local communities more power to finance real estate acquisitions or convey property to existing residential cooperatives. Co-Ops aren’t new but are underutilized as a tool to make the housing market work. For the Too Long Didn’t Read (TLDR) Crowd -Housing cooperatives are a unique housing solution that allows low- to middle-income individuals and families to purchase homes in their neighborhoods. By sharing ownership and expenses, co-op members can affordably buy property that might otherwise be out of reach.
Housing Cooperatives: A Forgotten Solution to the Housing Crisis?
Housing cooperatives once played a crucial role in providing affordable housing, especially in cities like New York. However, in recent years, their numbers have dwindled even as the need for affordable housing continues to grow.
Why the Decline?
One major reason for this decline is the expiration of affordability requirements. Many co-ops have mortgage terms ranging from 20 to 35 years. Once these mortgages are paid off, co-op members can choose to eliminate affordability restrictions and convert the building into a condominium. This transition can lead to significant rent increases and exclude lower-income residents.
Another challenge is the potential for underinvestment in maintenance. To keep rents low, co-op members may choose to delay necessary repairs and renovations. This can lead to long-term problems and compromise the structural integrity of the building.
The Potential of Housing Cooperatives
Despite these challenges, housing cooperatives offer a promising solution to the affordable housing crisis. By sharing ownership and expenses, co-op members can access affordable housing and build equity. This can be particularly beneficial for low- to middle-income individuals and families who might otherwise be priced out of their neighborhoods.
Moreover, co-op members have the opportunity to create a strong sense of community and shared values. By working together, they can ensure the long-term viability of their housing and advocate for policies that support affordable housing.
Adequate support and training for co-op boards are essential to promoting the success of housing cooperatives. Organizations like the National Association of Housing Cooperatives can be vital in educating board members on best practices for financial management, maintenance, and community building.
By revisiting the housing cooperative model and addressing its challenges, we can unlock its potential to provide sustainable, affordable housing for decades.
Join me for a Classic Holiday Tradition!
Ever heard of a Tom and Jerry? This classic holiday drink is a nostalgic favorite, often enjoyed around the fireplace.
I'll be serving up my special Tom and Jerry recipe at the Jade Fountain on Saturday, December 14th at 5:00 PM. All proceeds benefit CHUM.
What's a Tom and Jerry? It's a warm, spiced beverage, typically made with hot water, batter, and optional rum or brandy.
Come experience this holiday tradition and support a great cause! All proceeds go to CHUM.
During the peak of COVID, I was feeling a little disconnected during the Christmas season, which is by far my favorite holiday (next to MLB Opening Day). My dad always has a container of T&J’s in the fridge during the holidays. To recreate this nostalgia,, partake in tradition, and rekindle the feeling of being home, I spent countless hours conducting research (ie. drinking T&J’s) to perfect my recipe. Inspired by 10 different regional variations, I've created a unique blend that I serve annually at the Jade Fountain in West Duluth.
Odds and Ends
Mr. Walz
The election did not turn out as I had hoped, but I am proud as hell of my former high school teacher Mr. Walz. What a surreal moment being able to share him with the nation and to have him bring a level of enthusiasm and joy to the national ticket. His genuine, authentic, and plain-spoken nature was a breath of fresh air to the national dialogue and I hope he doesn’t exit the national stage any time soon.
Deer Hunting Update
Did not get a deer. I had a six-year run there where I got a deer every year and now I am on a two-year run of no deer (next year would be three and make it a streak, hopefully, I avoid that)- but I did get some nice photos of birds while waiting for a deer.
What I’m Reading
This article from the Niskanan Center - Governments that follow rules are stronger and have greater “state capacity” I’ll likely expand on this further in a future edition discussing following the rules, and implications of populism and eroding trust in local government, a concerning trend from one of the last forms of government that had faith from constituents to solve problems and deliver.
While I was a councilor I created and chaired the “Red Tape Reduction Task Force” basically accomplishing what Elon Musk is hoping to do with his DOGE group. This is a great opinion piece on why running government like a business while a favorite talking point of folks, is a terrible idea. Businesses have the luxury of being able to focus on a single item and that item well, such as repairing or replacing your windshield, making a TV, or delivering a service. Government needs to get more efficient, yes, but just wantonly cutting it is not the answer to make it efficient.
I recently read David Brook’s most recent book “How To Know a Person” It was a good read. I’d recommend it, it provided some clarity to who I am as a person (I’ll forever be the 6-year-old kid who rode the school bus back to the school bus warehouse to find out where they went at the end of the day), and helps provide context and advice on how to ground you in meaningfully connecting with people in the age of social media.
Please pass along podcasts, books, and articles that you’re reading in the comments or via email. I hope you have a wonderful holiday season!
Another worthwhile read: Poverty by America. By Matthew Desmond
That David Brooks book is really great.