Good read! Am I correct in putting this in the "municipal bonds, but better/different" column?
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Hesitant about this idea for reasons: NYCHA bonds would not support the debt service cash flow (ie junk bonds), low liquidity and therefore have an unreasonably high interest rate. This would then become a debt trap which would balloon and result in a default.
How do you know that w such certainty? The whole thing is contingent on TPVs which are extraordinarily more generous than s9 subsidy levels
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As you point out vouchers is contingent. Agree: Change needed at NYCHA, need entitlements, preserving S9 better than some alternatives but not optimal. Disagree?: CLT structure better, encourage ownership not rentals, not bonds but mortgage debt for repairs (tho both bad).
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should have said reliant on, not contingent on. ownership is way more privatization than the trust is; bonds are *way* less risky than mortgages are.
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