Our city government is solving all the housing issues for us. They purchased a run down home in a nice neighborhood, razed it, and built a brand new home. The total cost to the taxpayer (combination of local tax "revenue" and federal grants) was in the $200,000 area - just about what the existing home values WERE in that neighborhood.
The city UNLOADED the house for $127,000 AND provided an additional $5,000 grant to cover the closing costs. Some lucky people got a new home in a great neighborhood for practically no money down - paid for by the rest of us - including the people in the neighborhood who just saw their home value plummet because of the "new" comp rate generated by that sale.
Hip. Hip. Booooo.
