Black People : Reagan's Dream comes true, Privatization of all Public Housing

Ankhur

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As we all know who will disproprtionalty be hit hardest by this move on the PJs,
it seems like putting salt on the wounds of the Black community as many lose jobs, and homes and are spending more and getting less for their hard earned dollars.

The imperative for collective economics and a serious discussion about Black nationalism, becomes clear as safety net after safety net is recently being disabled.

Published on Friday, May 21, 2010 by CommonDreams.org
HUD is Trying to Privatize and Mortgage Off All of America’s Public Housing
by George Lakoff

The Obama Administration's move to the right is about to give conservatives a victory they could not have anticipated, even under Bush. HUD, under Obama, submitted legislation called PETRA to Congress that would result in the privatization of all public housing in America.

The new owners would charge ten percent above market rates to impoverished tenants, money that would be mostly paid by the US government (you and me, the taxpayers). To maintain the property, the new owners would take out a mortgage for building repair and maintenance (like a home equity loan), with no cap on interest rates.

With rents set above market rates, the mortgage risk would be attractive to banks. Either they make a huge profit on the mortgages paid for by the government. Or if the government lowers what it will pay for rents, the property goes into foreclosure. The banks get it and can sell it off to developers.




http://www.commondreams.org/view/2010/05/21-1

ronald-reagan.png
 

medusanegrita

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Mar 13, 2010
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If I had the money to buy up one of these properties, along with a prison, and a maybe a school I would.

but that does mean I agree with the privatization of public housing or public anything. I don't.


I'm gonna bookmark the link and read the other links on the page and check more into this.

Thanks for the information.
 

Ankhur

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It is a terrible shock as familes have been struggling for the past 7 years
 

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