6 Mar 2012

Idaho storage facility prompts new legislation

Controversy over the purchase of a self storage facility in Idaho has led the state's legislature to draft a new bill that would restrict the government from buying up businesses in the future.

In 2010, the Idaho Land Board bought a self storage facility in order to generate revenue for the public endowment, reports The Associated Press. However, the act raised questions of fairness, as a state-run company could have an unfair advantage on the open market compared to privately run facilities.

The state bought the self storage company because it was a sound investment that would continue to make money during the recession. Self storage businesses have been performing well even during the economic downturn due to the fact that almost everyone could use a little extra room, and renting at a self storage facility is much more affordable than renovating a house or adding an expansion.

The new bill, however, would prevent the state from buying businesses and force the sale of the storage facility in question. The Idaho Land Board will be permitted to own property, but not generate revenue through a company.

The legislation passed Idaho's House by a vote of 66-3 and will now move on to the Senate.

Be Sociable, Share!

Related Articles [3]

Jiffy Self-Storage Wins the Consumers Choice Award For Best Self-Storage in Toronto

July 5th, 2021
Jiffy Storage has won the Consumers Choice Award (CCA) for Best Self-Storage in Toronto. Jiffy is no stranger to awards, with Toronto Life Magazine naming Jiffy Self Storage...

How to Organize and Store Your Christmas Decorations

January 22nd, 2019
It's that time of year again. The carolers have stopped singing, the cookies have been devoured, and all of the gifts have been opened and enjoyed or regifted. Now comes the...

Don’t Lose your Stuff! How to Manage Your Overdue Storage Account

November 11th, 2018
No matter how good your intentions, sometimes life throws curve-balls that can derail you financially. Even though you make every effort to stay within budget, things happen....

Leave a Comment

Recent Posts Blog Categories Archives Subscribe to RSS Feeds
Essential SSL