Letter to the editor: The unintended consequences of deed restricted homes | SummitDaily.com

Letter to the editor: The unintended consequences of deed restricted homes

Unintended consequences of deed restricted homes: Ways to build wealth. 1. Sperm lottery: Born rich. 2. Own your own business. Think Breckenridge Distillery. 3. Invest in the stock market: not always a sure thing. 4. Own real estate. Location, location, location. Breckenridge!

UNLESS it’s deed restricted property. They are limited to a 3% annual increase when the market goes up, but participate FULLY in the downside: dropped 50% in value in 2008/09. It would take 24 years to recover. The UNINTENDED consequences are keeping poor people POOR! I would like to recommend a solution: if someone owns deed restricted property in Summit County and has worked in Summit County for 15 years, remove the deed restriction & let them sell at market value. In 2008/09 there were 1,000 foreclosures in Summit County. The local governments could buy those properties & create new opportunities to replace the properties that are sold at market value. Great way to reward longtime residents and workers!

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