Who are Burlington’s Largest Landlords?

After a year of research I’m proud to share my research around housing in Burlington. This map shows which landlords own at least 100 beds and how much they own. If you want to look at a full screen map, click here.

In a town where 60% of residents own $0 housing wealth, the wealth gap continues to grow, leaving a few hundred wealthy landlords with immense wealth, while the vast majority of residents have little or no wealth at all. In total, property owned by these 27 landlords, just in Burlington, is conservatively valued at $1.23 billion dollars. Yes, you read that right. They own over HALF of all housing units in the city and over 40% of all beds, totaling 16,600 beds and 8,600 total units of housing.

Even if we look just at large for-profit and non-profit landlords, (we can talk about the immense influence UVM and Champlain College exert over our rental costs another day) the wealth these private individuals and organizations own, and number of housing units they control, means a handful of folks exert enormous influence over most of our lives.

The true ‘market’ value is likely upwards of $300 million, but the data is harder to parse as non-profits aren’t always assessed like for-profit buildings.

The 23 largest private, for-profit landlords own nearly $400 million in property, with a median personal wealth of $11 million. They own over 3,101 units and 6,056 bedrooms, or 19% of all units and 15% of all bedrooms in the city.

How do we, as tenants, gain control when a handful of individuals have such influence over our lives? By working together, through solidarity, and forming a tenants’ union. While we may not have much wealth we do have numbers – in fact if all renters voted, we would be easily able to vote for rent control, better enforcement, swifter and harsher penalties when landlords fail to act, public lawyers to represent us, and other rent and tenant protections.

Is Burlington Using Land Effectively and Efficiently?

 

Land-use planning has a lot to do with how Burlington is shaped, and the way our city is currently planned certainly seems to favor some over others. For instance, the way our zoning works gives priority to single-family homeowners in the new north end and south end. The way our zoning changes work give priority to the largest and wealthiest developers, for instance the spot-zoning done for Don Sinex downtown and the spot-zoning done for Eric Farrell on the old Burlington College Land. Zoning, and land use-planning, should be fair, consistent, and benefit the maximum number of residents, current and future.

The example I would like to look at today, to highlight how land-use planning can benefit the entire city or a select few, is the Burlington Country Club.

 

Burlington is a small city with little undeveloped land to build on. As a city we only have about 10 square miles, or 6457 acres, of land to build on. This number drops to 5,601 acres when we exclude right-of-ways. When we then factor in all the protected land, we are left with less than half that amount, or 3.9 square miles (2500 acres) to build on. That’s not a lot of space.

 

 

The 220 acre country club constitutes nearly 9% of all buildable land in the city, while over 40% of all land in Burlington, buildable or otherwise, is tax-exempt. That puts significant pressure on the limited private, for-profit land in Burlington that is built up, and when land is under-utilized it puts an even greater strain on that limited land.

There are arguments for and against a country club in the largest city in Vermont, especially when one considers there are 4 other country clubs within 15 miles of downtown Burlington. I would just point out that the country club pays property taxes of $140,000 a year. If the land were utilized in a similar manner to the rest of the city, where $98,000,000 in property taxes are collected every year, the city could raise an extra $9,500,000 per year in property taxes. It could definitely help relieve some of the property tax pressure that the majority of small homeowners face.

Proper land-use planning, done in a way that is fair and consistent, can benefit everyone. To do this, we should consider a few steps:

  1. Raise property taxes on for-profit private properties with low levels of development and a high percentage of open space. Possibly consider raising taxes on land based not just on it’s current value but on it’s under-utilized value. Gas stations and single-level properties in the downtown are could be assessed in a way to encourage more dense redevelopment.
  2. Create better incentives for landowners to redevelop, and make sure these incentives are consistent.
  3. Change the zoning laws to encourage fairer, more dense development throughout the city.
  4. Stop giving out one-time zoning changes for large, single developers, especially since these properties tend to be monolithic and less attractive as neighborhoods.