Tuesday, February 26, 2008
The Rage is Indescribable
I am fortunate that I was able to borrow money from my family for a downpayment on my house seven years ago. Since then, my wife and I have worked hard to afford to live here and put about $30,000 worth of improvements into the house.
A couple of years ago a neighbor from two houses away was evicted for failure to pay taxes. He had no mortgage on the house as he inherited it and had few living expenses. Unfortunately he has mental health issues that led to this event.
Since then, the house has sat empty and been vandalized. It's in bad need of a new roof and siding, and I can only imagine how bad the inside looks. Because it was unoccupied for so long, we made phone calls to find out what was happening with it. It turns out it was "bought" by the Long Island Housing Partnership.
I just saw them there with a bunch of contractors doing a walkthrough and spoke to the woman in charge. She informed me that my tax dollars (directly and indirectly) will pay to fix the house inside and out. Then they will sell the house for less than one third of market value to a qualified first-time home buyer. Market value for houses in my neighborhood range from about $500-650k. To qualify as an individual, you need to make less than $50k per year, $60k for a couple, $65k for a family of three and so on.
When I asked why they should sell a house to someone so far below market value, when I paid so much more and that the house should be entirely fixed ahead of time, on my dime while I should pay (and do much of the work) to fix my own house, she said they're helping people who can't afford it. She told me these people can't afford the down payment. When I replied that we only put down 5% and borrowed much of that from family, she told me I could have come to the LIHP.
I'm all for helping people who need help, but why should my tax money go to fix someone else's house in a neighbor they can't afford to live in? This woman assures my they'll pay the taxes and that she felt the same way I do before she worked at the LIHP. How? Even without my mortgage, I couldn't afford to live here on $50k. Wouldn't they be better off selling this house at market value to someone who can afford to live here, then using the proceeds to buy two houses for two families in neighboors they can afford?
This is exactly the disincentive we give for people to work hard. Don't worry, the government will sell you a totally fixed-up house for a third of what you should pay.
Ouch! I think I popped a blood vessel in my head.
A couple of years ago a neighbor from two houses away was evicted for failure to pay taxes. He had no mortgage on the house as he inherited it and had few living expenses. Unfortunately he has mental health issues that led to this event.
Since then, the house has sat empty and been vandalized. It's in bad need of a new roof and siding, and I can only imagine how bad the inside looks. Because it was unoccupied for so long, we made phone calls to find out what was happening with it. It turns out it was "bought" by the Long Island Housing Partnership.
I just saw them there with a bunch of contractors doing a walkthrough and spoke to the woman in charge. She informed me that my tax dollars (directly and indirectly) will pay to fix the house inside and out. Then they will sell the house for less than one third of market value to a qualified first-time home buyer. Market value for houses in my neighborhood range from about $500-650k. To qualify as an individual, you need to make less than $50k per year, $60k for a couple, $65k for a family of three and so on.
When I asked why they should sell a house to someone so far below market value, when I paid so much more and that the house should be entirely fixed ahead of time, on my dime while I should pay (and do much of the work) to fix my own house, she said they're helping people who can't afford it. She told me these people can't afford the down payment. When I replied that we only put down 5% and borrowed much of that from family, she told me I could have come to the LIHP.
I'm all for helping people who need help, but why should my tax money go to fix someone else's house in a neighbor they can't afford to live in? This woman assures my they'll pay the taxes and that she felt the same way I do before she worked at the LIHP. How? Even without my mortgage, I couldn't afford to live here on $50k. Wouldn't they be better off selling this house at market value to someone who can afford to live here, then using the proceeds to buy two houses for two families in neighboors they can afford?
This is exactly the disincentive we give for people to work hard. Don't worry, the government will sell you a totally fixed-up house for a third of what you should pay.
Ouch! I think I popped a blood vessel in my head.
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13 comments:
Can someone please explain to me how this is in any way fair before my head explodes?
Still raging ... but here's a quote from Fredo from an earlier conversation about this: "[Manbeast], they're helping people. You're not people."
Unbelievable. And if you quit your job, you too could be on welfare...
When I was looking for housing a few years ago several of the condo/townhouse developments I looked at had so-called mixed ownership. Basically half or 2/3 of the units were sold at fair market value, while the remainder were purposely sold significantly below market value to people "who could not otherwise afford it."
I avoided those developments like the plague.
MB, I couldn't agree with you more. Especially since in your case they are doing it to the neighborhood after the fact; after you've already paid in at the higher price, under an expectation that your neighbors would be people of a similar income and background.
I'm all for helping other people. I give to charities, I've tutored inner-city kids in Philly before, etc. But this type of government-instituted mandate is shite, pure and simple. If you want to help those of lower incomes, the appropriate thing to do is build affordable housing projects for them in a lower-rent district. Not give them handouts so they can enjoy living in a place that is beyond their means.
Where's my government-subsidized E-class Mercedes? Perhaps if we raise taxes everyone can chip in and buy me a serious upgrade over my Maxima. Or perhaps my government-subsidized first-class ticket when I fly. I'm sick of being boxed into coach class with the rest of the commoners. Where's my handout?
Everywhere you look these days, the government is basically telling you don't follow the rules; they don't matter. Broke into the country illegally? Don't worry, we'll find a way to expedite your citizenship. Bought way more house than you could ever afford and signed onto loan terms that only a moron would accept? No problem, forget the foreclosure and we'll go ahead and lock in your ARM at the teaser rate. Never mind those of us like me who tried to do the right thing by taking out a 30-year fixed to prevent the pain of rising rates; I'll go ahead and continue to pay my higher rate while you get your lower ARM teaser locked in because you made an irresponsible decision you can longer afford to pay.
The whole thing makes me sick, which is why I've mentioned before that in many ways I appreciated Ron Paul's presence in the debates. This country has gotten away from itself, and particularly from what the founders intended the purpose of our government to be. Too many people today think the government exists to solve their problems. In fact, that is not its purpose at all. It is merely there primarily to provide security so that you can conduct your own affairs safely, as well as perform other operations (mail, roads, foreign alliances) that are beyond the scope of the individual. As ron paul said, it is time to reduce taxes, reduce spending, and shrink the government to "get it out of the way of the people" so that the people may move forward in conducting their business. It is up to the individual to succeed or fail; not the government. The government should ensure that everyone is given the same opportunity at the beginning to succeed, but whether they take advantage of that opportunity or not is entirely on them.
ManBeast:
Quit your griping. Back to work. Push that wheel, and put your back into it!
Seriously MB.. If you don't keep up the hard work, how are you going to afford to pay for both your house and your new neighbor's house??
We're all counting on you, big guy.
After all, don't you realize how lucky you are, that by a roll of the dice you happen to be productive?
You're really looking at this whole thing the wrong way. Consider yourself lucky. Most people can only afford one house, whereas you can pay for two.
I'm thinking of performing a lobotomy on myself and taking up crystal meth. This way I won't make as much and I can qualify to have someone fix up a house for me in a nice neighborhood and sell it to me for far under it's actual value.
Good choice. Though, may I suggest powdered cocaine? It's a lot more "high class" than meth, and that will be important later-- when you re-enter the productive class after procuring your high value home at the taxpayer's expense.
Hey SHK, after re-reading this thread, I'm starting to remember why certain people couldn't stand to be around us at the same time, particularly in Corvettes.
What a couple of 622bags we are.
"I don't get it, why is 622bag funny?"
"It just is."
--- a year passes ---
"You're right, I've thought about it and 622bag IS funny."
LOL.
I think it was more like, "4 years pass," though.