Hallandale wants to buy foreclosed homes

[randian]

Originally Posted by Wild Style

Seems city of Hallandale wants to buy foreclosed homes and make them into affordable housing. Sounds like a excellent plan, hope more cities do this

I hope they don't do this. It's a waste of tax dollars, and government-run "affordable housing" was and is a bad idea. Think "projects", that's what happens when government runs housing directly. That's why Section 8 was invented, to subsidize housing but have it owned and run by private landlords because the government recognized that if it were run by bureaucrats they'll screw it up.

[Wild Style]

Originally Posted by Katie1

Are they still going to let builders keep building? If they are then this is really dumb....
While the plan helps those that need homes it will keep encourging builders to build more.....

I read in a article yesterday that between Miami and Ft. Lauderdale 10,000 condo units are set to open this year.

Originally Posted by randian

Absolutely nothing. Eventually the market will clear and the homes will be bought. The only question is how long the banks will want to hold out. My guess is not long at all, bank regulators hate it when banks keep a lot of foreclosures on the books. The banks will have to sell or regulators will force them into receivership. People still want to live here. We won't end up with entire neighborhoods being permanently abandoned because half the population has left (as happened to Detroit).

I am not 100% sure about this part. The census info states for the first time in Broward history more people left than came in. They said the numbers would have been far worse had it not been for births. People are fleeing for cheaper places with better jobs. Unless Broward can tackle those two problems (affordable housing and quality high paying jobs) people will continue to leave. link

[fauve]

Maybe white people will continue to leave, but I believe wealthy hispanics will stay and continue to come. That's why Miami has not seen a decrease, and I think Broward will continue to see middle class 2nd generation hispanics from Hialeah moving here as soon as the housing stall caused by tight credit eases.