posted by Kyle Hampton | 3:02 PM |
permalinkThose that are not Californians may not have
heard about this story (video included). California cities want to buy up foreclosed homes and flip them. The story, out of Sacramento, says:
Now the federal government is stepping in and sending cash to the hardest hit areas. The Sacramento region is getting one of the biggest bailouts, and receiving $32 million dollars.
"To purchase foreclosed homes in troubled neighborhoods and flip those homes," says a city representative. Mayor Fargo says the homes will be fixed up and then sold or rented out.
Now I'm no genius (which maybe means that I'm qualified to work for the government), but this seems like a terrible idea. I was against the bailout before I heard this. This kind of foolery just solidifies the inevitable conclusion that the bailout was a historically bad idea.
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