Well, well, well. And people wonder why we are broke as we hand out 3 bdr, 2 bth houses to welfare recipients.
Yeah this social munificence was a nuisance before we went broke. Now it’s killing the country.
The people that live in our current subdivision (we’re moving in a few weeks) got hosed on this. They (developers/builders) had top allow for a certain percentage of “affordable housing” which was of course, subsidized by the taxpayers through grants and the other homeowners, through inflated prices.
Now, a house that sold for over $700,000 just a few years ago is only able to fetch maybe $400k while the welfare recipients get the benes of the burbs without all the hassles of paying for it. Meanwhile a lot of the homeowners are faced with paying down a mortgage on a house worth close to 40% less than they paid for it or just walking away. We’ve had quite a few foreclosures but the apartments/condos are close to 100% occupied.
You gotta look at the bright side. By allowing these folks to destroy a lot of housing it reduces the oversupply of homes on the market. Call it a stimulus program.
We are often told of “unaffordable housing” problems when the biggest problem is unaffordable PEOPLE.