The April 17 front-page article "Rehabbed rentals boost values but squeeze out poor," about investors buying lucrative older apartment buildings in Twin Cities suburbs, informs about shifting real estate markets, but we were dismayed by the unfeeling ignorance in the statement by one developer: "Get the Caribou crowd in, and get the Jerry Springer crowd out." While a stronger real estate market supports economic growth, we need growth that benefits the entire community, not just upscale clientele and profit-seeking owners.
Many Minnesotans summarily dismissed in the article are hardworking individuals and families making less than $28,000 per year — as child care providers, maintenance workers and, indeed, coffee-shop baristas. One in eight Twin Cities households struggles with unaffordable housing costs — at least half of their income is spent on housing. What happens to our community if safe, decent and "naturally occurring affordable housing" is lost via a new coat of paint and "niceties" to meet the demand of a young, upscale "different clientele"?
Despite the demand for "refurbished properties that can command higher rents," the Twin Cities area is desperate for housing for lower-resourced families and individuals. Aeon is working with the national Housing Partnership Equity Trust and others to invest in renovation and preservation. Our leveraging of private investment from impact investors such as foundations, insurance and financial institutions — and soon individuals — is a critical component in the future preservation of affordable homes for people.
Home changes everything. It will require all of us working together to create safe, stable homes for families and individuals who need them the most.
Alan Arthur, Wayzata
The writer is president and CEO of Aeon.
TEACHER-TENURE LAWSUIT
Amid this debate, it's also worth pondering field's retention rates
The vigorous ongoing discussion over teacher tenure in the pages of the Star Tribune ignores a complementary issue: teacher retention.
Nationwide, the five-year teacher retention rate is about 50 percent; that means that if a school district hires 10 new teachers, in five years typically only five will remain.
Does anyone know what Minnesota's retention rate is or why teachers left their jobs?