Saturday, November 1, 2008

City buying homes to save neighborhoods

The city plans to buy up to 115 foreclosed homes to stabilize neighborhoods as part of a broader effort to help struggling New Yorkers, Mayor Bloomberg announced yesterday.

"We're not going to be able to do every home, every place," the mayor said. "But if you can stabilize a neighborhood, you're really making a difference to an awful lot of people with a relatively small amount of money."

The homes, which will be purchased with $24 million in federal funds, would be refurbished, creating between 250 and 300 housing units that would be offered to low- and middle-income New Yorkers under the city's affordable-housing program.

"The people that buy them get mortgages - but they're mortgages they can afford," Bloomberg explained. "It's structured so they have to act responsibly."

Officials are focusing the rescue effort on the city's most distressed neighborhoods, primarily in central Brooklyn and Jamaica, Queens.


CITY TO BUY FORECLOSED HOMES TO SAVE 'HOODS

6 comments:

Taxpayer said...

"The people that buy them get mortgages - but they're mortgages they can afford," Bloomberg explained. "It's structured so they have to act responsibly." Says the Commissar.

How will it be that poor people can afford to pay the mortgage?

Well, there will be the PRE-RESCUE spending.

Instead of waiting until the mortgage payments have lapsed, now the taxpayer will pay the mortgage in ADVANCE. The banks will be paid! The taxpayer will do the paying.

You see, the morons who gave us financial collapse did learn something from the damage they caused.

They learned that the taxpaying voter gets real mad when the tab has to be paid with no warning - AFTER the failure.

So, now the Commissar and his fellow thieves will present us will the bill BEFORE the failure and claim that method saves us our money.

The question is: Did we voting taxpayers learn any lesson from the failure of the thieves? How will we apply that lesson?

Before the haters claim that my stance is to hate the poor and deny them affordable housing or a place to live, let me say: I myself feel entitled to a mansion with a stream running past, and a gigantic Central Park sized lawn and shrubbery. Should taxpayers pony up the cash to fulfill my dream?

If "NO", then what is the operating principle? Poor people have a place already. Who says that the poor are ENTITLED to a home they cannot afford?

Do you think that developers who feel ENTITLED to eternal, maximum profits are, just perhaps, pushing sleazy politicians into buying that notion? And using the confiscatory tax collection powers of government to enrich themselves?

Naw! Never! Developers and sleazy politicians would NEVER abuse their power. NEVER!!!

Anonymous said...

The city is buying the homes? or the property? Big Diff. Property can be developed. One family becomes six-family. Saving neighborhoods? Or destroying neighborhoods? I can see the signs now, Bloomberg Estates!If you lived here you'd be home by now!

CJ said...

So this is what they meant by spreading the wealth around. The only question that remains is whose wealth will it will be. I don't have any money secreted away in a foreign bank, and I can't retire to the Cayman's. No slush funds for me. That is the domain of well healed politicians. My net worth is documented. So folks it is taxpayers like myself that will be holding the bag in the end. Don't act so surprised next time we have a bailout due to financial insolvency. That is, if we survive this time.

georgetheatheist said...

Do what Semenerio and McLauglin and Rangel did: take the money and run. Run, run, run. Run as fast as you can so no one will hopefully see you.

PS . There will be a special "crooked politician contingent" in tomorrow's marathon.

Wade Nichols said...

So, the Federal government is now in the banking, insurance, and soon probably the automobile business. NYC will soon be in the property and blighted home business.

"The American people will never knowingly adopt socialism, but under the name of liberalism, they will adopt every fragment of the socialist program until one day America will be a socialist nation without ever knowing how it happened." - Norman Thomas, 6 time presidential candidate for the Socialist Party

Anonymous said...

Ok let me get this straight. I stay in school, go to college, take out loans, work real hard sometimes seven day a week, pay back my loan, sacrife, save, open a business, risk everything, work hard, sometimes seven days a week, pay my taxes and then pay more taxes and some one who Mayor Bloomberg feels is poor gets a free house. Did I just get that right.