On the recordMarch 16, 2011
But here's the classic problem in the design of that. If the Neighborhood Stabilization Act does what I think it does, it's either a municipality, a nonprofit, this and that, buying a property, sometimes rehabbing it, sometimes removing the boarded-up windows, sometimes just buying a property and competing with the private investors and the first-time home buyers in that neighborhood and then turning around and putting it back on the market. Well, if one of our problems out there is we have a glut of properties on the market, and that's one of the things holding down our values, and I'm going to continue to support a program that's going to drop another billion dollars buying properties and then putting them back on the market. We have a circular logic here where I can't imagine the mechanics within this, well meaning as they may be, actually have any basis in economics or particularly real estate economics. {time} 1640
