A small jaunt east out of Downtown Buffalo will bring you to Sycamore Village. Sycamore Village is an upscale development in one of the poorest parts of Buffalo.
House range from a $225,000 colonial that sells for $176,000 or a $215,000 one for a mere $90,000. Don’t worry about the taxes because there aren’t any for the first 10 year.
The catch? Your family has to make less than $50,800.
It is very reasonable for a $50k/year family to be able to afford eastyl a $90,000 home, it is less likely that they can afford a $176,000 home (that could be taxed as a $225,000 home down the road). It might not even be a good idea for a single person family to buy that much house with a $50,000/year income.
Buffalo is devoted to East Side revitalization, but are they doing it “Smart”?
Does it make sense to bar higher income families from a section you are trying to revitalize?
Does it make sense to offer too much house to a family that may not afford it?
How do we fix this without simply throwing money at it?