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White House opens $45 billion in federal funds to developers to convert offices to homes
(www.marketwatch.com)
this post was submitted on 27 Oct 2023
231 points (98.7% liked)
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It's awful news.
It would be great news if the housing was owned by the public.
This is just funneling public money to private businesses so the private businesses can continue to profit off the public.
$45 billion so landlords can charge people rent. Great. So they get the handout for free, and the rent for free. Just free money all around, lol.
But taxpayers and tenants will be paying.
I can't see how it would be owned by the public. ~80% of this is loan money offered so it does have to be paid back with interest. The properties in question would all be owned by private companies who were using them as office space. So your suggestion means the government would have to purchase all of the property. Costing them 100%. This way they likely spend 15% (assuming a 5% interest made on those loans) and get the incentive going. Add in the fact that you then need to maintain run and rebuild all the housing directly from the public funds after that and you will never get everything situated/passed in our current government. The government gets what it wants. The private companies get what they wanted. The people get more work from home jobs, less traffic, and lowered emissions with the possibility of housing prices not rising as fast do to supply is being increased. (Doubt)
Overall it isn't the worst use of our taxes