Government subsidized section 8 rental properties ... Here comes the rest of the 0bama stash!
Oh, and it’s not like this is going to be yet another plan that benefits the large investors - who gobble up the property at cut-rate prices, then turn them into slums that low-income people will then destroy - I mean, it’s not like this hasn’t been done time and again.
How about letting those who lost their jobs, then lost their homes (via short-sale or foreclosure) have an opportunity to puchase another home, after they have obtained employment and are trying to re-establish themselves? These are the folks that I would want as a neighbor, someone who values a home, and will fix it, maintain it, and drive my property values UP.
Oh, nevermind ... those folks aren’t on the Gov’t dole; and probably don’t vote DEM in large blocks .... what was I thinking?
People who don't have income (other than welfare), and have never worked for a living or paid for their own home, do NOT take care of someone else's "FREE RENT PROPERTY", period.
Housing projects are the thing of the past, zero will now redistribute. The entitlement crowd in the housing projects will be movin on up to a residential nieghborhood fully subsidized by the government and exploited by his realstate management friends
People who don't have income (other than welfare), and have never worked for a living or paid for their own home, do NOT take care of someone else's "FREE RENT PROPERTY", period.
If there is all this cash on the sidelines...then what do they need the incentive for? If it is still too risky of a market and a "delicate" forumula...then with the government involved it is epic failure...AGAIN!
Ah, and I presume that our “genius” lib economists and (much less than genius) MSM dregs have already calculated that those actions will not depress the housing market at all.
Hopefully, all with room temp IQ or above realize the vapid stupidity of this plan.
It’s unbelievable! But, WAIT! It’s Obama and Fannie and Freddy, and the taxpayers picking up the bill, AGAIN.
And it will affect the suburbs when an out-of-work tax payer defaults on his mortgage and a Section 8 house replaces the former owner.
So that EVERY neighborhood can look like Chicago’s Souf Side.
Until they implement this plan.
So, what is the incentive? Would the government be selling these properties at below market prices? That means the government will be subsidizing those who can AFFORD to buy all these properties. Plus they’ll subsidize the rent payers.
I hope I live long enough to see liberal home owners pitching a bitch about their new neighbors.
What is Section 8 on steroids expected to accomplish? Bigger, better, faster destruction?
Just to be on the safe side, why don't we start with Detroit?
so now Obama is trying to federalize the rental market.
kill private rental business.
from each to each.
Obama is a communist, period.
Benito Obamalini putting on his Santa Claus suit just in time for November...
Like most liberal ideas, won’t this trigger the opposite outcome? If nothing else, would expect HOA’s, zoning boards, etc. to create rules limiting use the use of residential properties as rental/business units.
“At issue is a Federal Housing Finance Agency push to develop a program that is expected to use government financing or guarantees.....”
That is really all one needs to read.
Private markets and private investors are already doing this
(buying properties, foreclosed and otherwise, to rent them out not to sell them),
in those local housing markets where it makes sense,
that is, in housing markets where rental vacancies are down, rent rates are up and investors feel rents alone can cover their investment risk and leave them a good ROI, for a period of time that is not expected, right now, to precitate a sale that will result in a net loss.
Government intereference to artificially spur this kind of process in local markets that cannot attract the private capital for it now, whithout that interference, can and will only produce artificial results that will generate abnormal higher housing market activity now with an expected lower than normal activity later on.
bump
FOREIGN Investors eagerly eye U.S. foreclosure rental plan...
Yes, besides the other pointsmentioned above, as a bonus of destroying the American home-owner Obama is going to subsidize foreign purchase.
And Section 8 tax money will go overseas.
It’s Khrushchev’s wettest wet dream come true.
ala Pogo
We haz met da new landlord
and We Is It!
BigGubamint has unintended consequences.
It crushes any semblance of freedom in this land.
Re-Elect Obama .. and Get the Mission Accomplished