The good news is that UVa has bought several private apartment buildings to use as student housing. The bad news is that UVa has bought several private apartment buildings to use as student housing. They’ve had a housing shortage that has been problematic, which led to a promise to provide more housing year ago. In an effort to alleviate this, they’ve bought a five-building apartment complex from Wade Apartments, just off JPA, as well as the University Forum complex, for a total of $11.05M. Between the two of them, the apartments can house 265 students.
In providing housing for students, it may help to limit the increase in rent prices created by students crowding into privately-owned houses. On the other hand, UVa just took eleven million dollars worth of property off of Charlottesville’s tax rolls which is, what, $120,000 in property taxes each year?
Damned if they’re do, and damned if they don’t. David Hendrick has the skinny in today’s Progress.