It’s been almost a year since I explained why I don’t like being called a “flipper.” I prefer “redeveloper,” not because it has more syllables, but because it better describes what we do. Then over the last few weeks, both Suna and I have written about the changing economic pressures affecting the redevelopment business model. These pressures and reviewing our core values have caused us to reevaluate our business model.
When we started this business, one of our goals was to provide quality affordable housing. We wanted to serve a market that was historically under-served in our area. We realized working people, and especially first-time home buyers are being priced out of the market. I mean, who can afford a “$250,000 starter home” working a $15/hour job?—which I remind you is still almost twice minimum wage.