NEW: Tim Sheehy’s Luxury Apartment Building Charges Exorbitant Rent
FOR IMMEDIATE RELEASE
Monday, October 7, 2024
CONTACT
rehm@mtdems.org
Sheehy falsely claimed he built affordable housing, when in reality, he invested in a luxury apartment in Belgrade that charges $600 above the median rent
Helena, MT – New reporting from Heartland Signal revealed that multimillionaire out-of-stater Tim Sheehy claimed he built “affordable housing” for Montanans – when in reality, he invested in luxury apartments that “charge as much as $638 above the median rent in town.”
Tim Sheehy might think that $1,800 one-bedroom apartments in Belgrade are “affordable” – but Montanans will see right through his lies. Read more below:
Heartland Signal: Tim Sheehy brags about building affordable housing despite rents significantly above market median
October 7, 2024
Richard Eberwein
Montana Republican Senate candidate Tim Sheehy, bragged about providing affordable housing in the state, even though the luxury apartments he helped build charge as much as $638 above the median rent in town.
While the candidates were participating in a debate on June 9, the Republican looking to unseat Sen. Jon Tester (D) responded to a question about Montanans’ concerns with the economy by claiming to have built affordable housing for his employees.
“Well, I agree with Sen. Tester on that, we need to focus on affordable housing,” Sheehy said. “And that’s exactly what I’ve done with my companies. We’ve actually built an affordable housing apartment building nearby because as housing prices soared in our state economy, our folks couldn’t afford to live here.”
According to his candidate filings, Sheehy holds between $400,000-$1 million in apartment buildings in Belgrade, Mont. which are owned by Yellowstone WFH Holdings. Yellowstone Holdings owns a property full of newly developed high rise apartments called Yellowstone Landing. The apartment complex is located adjacent to the Bozeman Yellowstone International Airport, where Sheehy’s former company Bridger Aerospace is located.
According to a LinkedIn posts from 2022, Sheehy and his companywere involved in the effort to develop the apartments alongside the Colorado-based real estate developer ERES Capital LLC.
Despite Sheehy’s claims that these apartments were “affordable,” [...] Yellowstone Landing’s residential rent prices are roughly $400 above the median rent for apartments in Belgrade and as much as nearly double the fair market rent price calculated by the Department of Housing and Urban Development.
Yellowstone Landing, which features amenities like a dog park, pool, fitness rooms and transportation to the mountains, was marketed as the “solution” to affordable housing shortages in Gallatin Valley.
Sheehy’s campaign did not respond to an email request to comment on his affordable housing claim.
According to a report from the National Association of Realtors, Montana is the least affordable state in the country, with home prices increasing by as much as 89.6% from 2018-23. Reports suggest the sharp increase in prices is partially a result of a surge of interest in living in rural communities sparked by the pandemic. Real estate developers followed suit, resulting in a less available housing, increased prices and a “era of gentrification” for the local community.
Sheehy’s past actions and words have resurfaced since launching his campaign, prompting reports about abortion opposition, killing drone privacy bills and spreading antisemitic rhetoric.
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