If you come in my cage I'll eat you too!

Saturday, December 06, 2008

The greedy poor

A story ran in the San Francisco Chronicle yesterday about people who bought condos under a program for affordable housing that began 20 years ago.

Wonder of wonders, the beneficiaries of affordable housing do not want other low income people to benefit from the program as they themselves did so long ago.

The condos are supposed to be resold for $225,000, to other low income people. But the current owners don't want to do that. They want to sell the condos for $610,000- $800,000, which is the current rate for condos in San Francisco. Some owners want to rent out the condos for high rents.

The condo owners currently may buy out from the contract by paying the developers $150,000. They would still make a hefty profit after selling, considering that they paid well below market value for the properties 20 years ago. And the developers were totally cheated out of profits by having to offer a percentage of the condos as "affordable."

Just goes to show, that even the "poor" are "greedy" and "selfish" and naturally want to make and keep as much money as they possibly can.


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