Wanted to post this in case SD “bubble heads” would like to attend. It would be wonderful if we could fill up the room with taxpayer and consumer advocates who could present the argument in FAVOR of lower prices — and that foreclosures are the solution to the “crisis” of loose lending and unaffordable housing. Here is a portion of the article (bold is mine):
“Searching for ways to keep ownership local, the San Diego City-County Reinvestment Task Force has been looking into land banks, a solution that has been tried in the nation’s Rust Belt and the South but is relatively new to California.”
DETAILS
Reinvestment Task Force
Land bank discussion
When: Thursday at noon
Where: 12th floor, San Diego City Hall, 202 C Street
“An advisory panel to the city and the county, the task force is charged with increasing financing for affordable housing and economic development in low-and moderate-income communities.”
“There are going to be banks out there that have debt that they will want to dump,” Adelizzi said. “It is better to have it in the hands of people who are sensitive to the community’s needs.”
“Task force director Jim Bliesner says a land bank here could help reverse the foreclosure trend. Unlike most land banks, which primarily use tax liens to acquire abandoned properties, a city-county land bank would purchase lender-foreclosed houses and condos that still have substantial value. The focus would be on properties costing $400,000 or less.”
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