Since the projects work so well for the poor under LBJ, Obama wants to bring them to all over America. There is no other way to read this Reuters
report:
The Obama administration is exploring ways to support rental housing as the troubled U.S. real estate sector has kept potential buyers on the sidelines, a top U.S. Treasury official said on Friday.
"We support a housing finance market that provides liquidity and capital to support affordable rental options and help alleviate the burdens that many low-income households face," Treasury Under Secretary Jeffrey Goldstein told a housing conference.
"We are also exploring how private channels can finance affordable multi-family housing, perhaps with limited, targeted governmental support," he said.
Goldstein said the administration's range of options to expand support for lending for multifamily rental properties include reforms such as risk-sharing with private institutions.
He said private credit markets have generally underserved the multifamily segment that caters to low-income households. Instead, they prefer to invest in high-end developments, Goldstein said
A broke government funneling money to developers willing to build housing for people who can't pay. This should work well.
Maybe the government can issue rental loans to the poor masses and get Fannie Mae to securitize them...?
ReplyDeleteand what will be the slogan this time around?
ReplyDeleteSince the projects work so well for the poor under LBJ
ReplyDeleteYou really need a sarcasm tag. I'm sure most of your readers know you're kidding but... well.. you know.
Maybe they're going to knock down all of the current foreclosures on the market and rebuild them. That will create jobs.
"He said private credit markets have generally underserved the multifamily segment that caters to low-income households."
ReplyDeleteYeah, this must be 'market failure', right? It has nothing to do with public housing and rent-control...
@Difster: At least fix all the broken windows!
ReplyDeleteWhy does an image of East Berlin float into my mind??
I laughed when I read this. Have you forgotten Section8 rentals that destroyed the best of developments all over the country in the last five years? Obama just wants more financing for that program to destroy the other developments that still are independent.
ReplyDeleteIt is great to wake up in your upclass community and find your neighbors gone and in their place, four families living in the house, thanks to section 8 payments for each of them! Talk about instant tenements!
As these new "citizens" settle in,so do their habits of stealing, drug abuse and complete disregard for maintenance, even civility!
What Public Housing did to all our cities and towns is now to be done to the suburbs. Welcome to Soviet style living in the USA!
Been saying for a while now, the whole point of Fannie & Freddie was to allow the government to gobble up private lands so they could start leasing it out to private industry.
ReplyDeleteFabian Communitarinism, here we come.
Listen you stupid serfs. You don't think that you can live in Mac mansions in gated community? It's only for your Lords & the Master Race!
ReplyDeleteYour article quotes nothing that can be read as meaning more LBJ-era project housing. Some businesses other than bomb makers or vaccine manufacturers will be favored by a mild or half-hearted attempt at placating those who might think affordable housing is better than homelessness. Of course too many developers will see this as a program for them to pocket the money while providing shoddy construction and poor or unimaginative management, since of course there are no good "manageable" poor people to be found to occupy the glorified shacks and lean-to's constructed by snobby development companies. Perhaps some of these developers visit this site. Mixed up claims about "Communitarinism"(Communitarianism?) and such do not clarify the situation but are nevertheless entertaining, at least for the writer of them.
ReplyDeleteThe Census Bureau reports that 18.4 million U.S. homes are empty -- and the administration wants to support the construction of what . . ?
ReplyDelete