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3 <br /> <br />It will ultimately reduce the amount of inventory available in Redwood City as <br />organizations, like HIP Housing, are no longer financially able to work in the City. Sadly, <br />the measure exacerbates the very problem it seeks to solve. <br /> <br />The truth about who is impacted: <br /> <br />As a proud longtime Redwood City resident, I was approached outside my favorite local <br />businesses many times during the signature gathering stage of this measure. In each <br />instance, I was told that the measure would only impact “corporations” defined as any <br />entity with holdings of 6 or more units. <br /> <br />I would like to clarify this characterization of “corporations” as it misrepresents who <br />the measure will actually impact. <br /> <br />Buildings built before 1995, and consequently not protected by Costa Hawkins, with <br />less than 20 units, are not typically owned by “corporations” per say. They more often <br />have longtime “mom and pop” and nonprofit owners, who for risk management <br />purposes, put the properties in small LLC’s to protect other assets, such as their <br />personal homes. I never once heard the individuals gathering the petition make this <br />clarification. <br /> <br />HIP Housing is incredibly sensitive to the challenges faced by renters, by my kids and <br />family and yours. But for all the reasons shared here, HIP Housing urges the council and <br />public to recognize the devastating impact this measure will have on existing BMR <br />units, and on the future of the Preservation Model. <br /> <br />Every city needs Preservation as part of their housing tool kit to make to make as many <br />affordable housing options available as possible. Sadly, with the misnamed “Fair and <br />Affordable Housing” measure, the City of Redwood City is at risk of losing it. <br /> <br />Sincerely, <br /> <br /> <br />Kate Comfort Harr <br />Executive Director <br />HIP Housing – Human Investment Project, Inc. <br /> <br />