Insight and Opinion

Letter to the Editor
By John J. McMullan
Realtor, Albuquerque

receipt taxes.  This is another loss of revenue that eventually would have to be made up if there is a tax shortfall.  From both the property tax standpoint and the gross receipts tax standpoint, this is simply unfair competition, as the private-apartment property owner cannot compete while paying taxes, while his competitor, the city, is tax-exempt.
Additionally, it appears that the city is proposing to buy semiluxury and luxury apartments for its "affordable apartment" inventory.  The 658 apartment units for $23 million would equal $35,000 per unit, far in excess for what

It is unbelievable that while property owners are facing an increase in property taxes, the city of Albuquerque is contemplating the purchase of $23 million of apartments for so-called affordable housing, which will only serve to further increase property taxes.
If the city goes ahead with this plan . . . the city-owned property will be property-tax exempt, and Bernalillo County property owners will have to make up the deficit.
It gets worse.
The maintenance of the property and all work costs associated would be exempt from gross-

apartments sell for in Albuquerque on a per/unit basis.
For example, the Summit Apartment complex at 3901 Indian School Road N.E., directly east of the Carlisle and Indian School intersection, is one of the most luxurious apartment complexes in the city, and the taxpayer is going to pay a luxury price for these to be used for affordable housing.
All told, the proposal as it stands amounts to nothing more than a huge giveaway at the expense of apartment owners, property owners and taxpayers.  The council should reverse its plan or, failing that, seek apartment complexes with values more suited to so-called affordable housing.