04-05-2022 - 04-05 09:36 Helen KubikCITY OF
Federal Way
,'entered on Opportunity
Public Comment - Written
Meeting Type: City Council - Regular Meeting
Meeting Date: April 05, 2022
Name: Helen Kubikm
Resident/Business Owner: �✓ Yes ❑ No
Comment Topic: Difference between Condo & Apartment Complexes
Written Comment:
Dear City Council and Mayor
I would like to address multi residential complexes and the difference between Condominium
Complexes and Apartment Complexes.
Condominium Complexes provide a more equitable distribution of land wealth. No matter how
small the percentage of building and land one owns, it will still increase in value over time,
thereby allowing the owner of a single unit to share in the land wealth of Federal Way.
Condominium ownership also provides a stable cost of housing expenses and acts as a
safeguard against continually rising rents.
Apartment Complexes on the other hand concentrate all the land wealth of the property to a
single owner or corporation. Any increases in property value will also be concentrated.
Apartment Complexes also leave the residents at the mercy of continually rising rents.
So what is the City of Federal Way's vision for it's residents?
Does the city want to ensure an equitable distribution of land wealth?
Or does the city want to allow the land wealth to be concentrated to a single owner or
corporation?
If the city wants the former, something will need to be done to ensure that building permits are
only given to Condominium Complexes.
If nothing is done, then the latter will most likely happen.
Thank You for reading my letter
Helen Kubik
Received: 04:05 09:36