Wednesday, September 10, 2008

We're rich biatch!

Did Stacy Spann do such a good job making housing more affordable that he worked himself out of a job? I ask that questions in jest, of course, but the fact remains that the collapse of the housing bubble has done more to increase the supply of affordable housing than any government agency could ever do. Two years ago, I didn't know anyone who could afford to purchase the house that they owned at the then current price level. That was when affordable housing was the hot issue and all the cool kids were talking about it. Back then, you could live above your means by refinancing your house and cashing out some of that equity. However, times have changed.

At any rate, GGP has announced that corporate tenants, as well as developers who purchase land in Town Center, will subsidize residential housing through rent surcharges and impact fees. These fees will subsidize 20% of the new housing units in Town Center for families with income of less than $120,000 per year. You know, the "poor majority" (as opposed to the wealthy few).

Only in Howard County.

2 comments:

Anonymous said...

Oh, I get it.

You're selectively pro free market.

(based on reading the source of the post at tale of two cities)

Freemarket said...

I wish I knew what you were talking about.