NC Media Watch

A quest for reason and accuracy in letters to the editor, guest editorials and other issues of interest to the citizens of Western Nevada County.

Sunday, November 20, 2005

Slum builders at work

A friend pointed me to this comment, following a Union article on the Wildwood debt by the mauimaiden on Thursday, November 17 @ 08:56:38 PST
Use your imagination, Supervisors. Condemn the property [Widlwood] for back taxes, draw up 30-year "leases" for each lot, allow builders to build and sell mid- to low-income houses with a 20 percent profit cap, and sell these homes to qualified buyers who must occupy these homes or sell them back to a county-administered "affordable housing trust fund." This trust fund can also collect a small "real estate sales tax" attached to the sale of every piece of property in Nevada County to build up additional funds to buy other property with "collection" problems.
Goverment housing has a long history of creating slums. Home owners in the above program will never be able to sell and profit from rising property values, and then move up to a bigger home when the kids become teenagers, or when a sick mother-in-law needs care. Capping values produces slums. No one will invest in property, when they cannot gain from the investment. Would you?

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