DISGUSTING: LA Has Plan To Use Stimulus Funds To Buy Property. Because…
The Regulatory Taking of Venice Beach - CIV FI
With great crisis comes great opportunity… On April 18 LA City Councilmember Mike Bonin held a telephone town hall to discuss public health issues. His district includes Venice Beach, which has a high number of homeless still living on the streets and it was brought up that this is a major health concern. Towards the end of the call Bonin said that he believed that the City would have an opportunity to house the homeless. He said that he will be proposing they use some of the federal stimulus money to buy up distressed hotels and properties to put the homeless in. He said that is the best option because these properties will be in foreclosure and available at below market prices. “I intend on putting in another proposal in the next week or two that asks the city to look at the federal bailout or stimulus funds we’ll be getting as a result of this crisis…and using some of that to either buy hotels that go belly up or to buy the distressed properties that are absolutely going to be on the market at cheaper prices after this crisis is over. And use that as homeless and affordable housing. It’s going to be a hell of a lot cheaper to purchase stuff that is already there and move people in there than if we start from scratch. A lot of good stuff is being done.” – Mike Bonin, LA City Council member, 11th District, remarks [...] Read More
DISGUSTING: LA Has Plan To Use Stimulus Funds To Buy Property. Because You Know, THAT'S How You Help Small Business & People Who Can't Go Back To Work.