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Original post made
on Jan 7, 2009
So, what do you expect for buying a "Saltine Cracker Box" built in the 50's or 60's. Everyday you can come home to find something ripped off and wondering who is going to jump into your back yard tonight.
Cops or Bad Guys?
$500,000.+ for a shack in the "Mudflats.
Good job "Realtors". I hope you have saved your commissions to pay off your mortgages!
Perhaps the city should consider using the money from Summerhill inlieu fees for the Terminal Avenue proposed development to finance the foreclosure relief effort since it seems unlikely that the Belle Haven community is going to approve of this new housing development at least in the very near future
Habitat for Humanity Greater San Francisco is a great organization and could bring some much needed resources to address this issue.
My heart goes out to these displaced families.
For the city to get involved purchasing foreclosed properties is folly.
The foreclosed properties are selling, it seems in the range of $300,000 to $400,000. They are selling. They are purchased as investments and rentals, or by new homeowners. The are still functioning as housing.
The falacy though is the price they are selling now is pretty close to city 'BMR' housing rate. The city getting involved doesn't do anything (except make the city a creditor). The other part of this poor logic is that it doesn't increase any housing.
Sorry, Andy. This is a bad idea.
Homeowner, I see some sense to your logic, however, many of the investors buying up foreclosures are land banking and not doing much in regard to improving the homes to help relieve the blight of distressed properties. Similarly, if they are renting the properties it's likely that they are converting a homeownership unit into a rental unit. Distant owners/investors and a decrease in homeownership will not help revitalize the community; it's not simply about the number of housing units.
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