I just choked on my Cheerios.
City Councilor Sam Yoon yesterday called for a joint effort by city officials and nonprofit community developers to buy back condos and homes when they are auctioned off by lenders. The owners could stay on as tenants, possibly with the option to buy back the units.
This is an insane idea.
Why should the city get this involved in what is a private business transaction between lender and borrower?
Does anyone really think the city should be in the business of owning private property???? Do you think they are knowledgeable and/or responsible enough to take on this role?
The city already has plans in place to help homeowners, by offering low-cost mortgage loans, etc., to help borrowers facing foreclosure. That’s a good plan.
This new one is not. It is an insane idea.
However, Yoon said his proposal is not just a way to help those facing foreclosure, but also a way of creating a new crop of affordable units for far less than the cost of new construction. After the homes were bought back, restrictions would be placed on them limiting both rents and their future resale value.
That’s even more insaner.
The goal would be to get people out of their homes, then sell the homes to other people (who may or may not be able to afford them) and then put restrictions on resales??? Does any of that sound logical or well-thought-out?
What is going on?
Source: Plan: It’s time to buy — Council eyes home foreclosure sales – By Scott Van Voorhis, The Boston Herald
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