Billionaire Speculators' Greed Makes Life Hard For Renters and Would-Be Homebuyers

[xchrom]

http://www.alternet.org/economy/billionaire-speculators-greed-makes-life-hard-renters-and-would-be-homebuyers

The foreclosure crisis in America has had many unexpected twists. But none may be as striking as the latest development: real estate speculators, with billions in ready cash, are swooping into hard-hit locales and buying foreclosed and low-end homes with the same vehemence that created the housing market bubble.

They’re hoping to rent these properties to ex-owners or others, but they’re creating distortions that truly worry housing advocates. Banks are flocking to cash buyers, not to people with loans. First-time buyers can’t get in. Rents are skyrocketing. Home values and prices are going up.

If Maria Benjamin had her way, the For Rent sign hanging from a post on the small front lawn of the bungalow at 22 Chanslor Ave. would not be there. Nor would similar signs on other lawns across Richmond or a string of other working-class cities on the industrial northern end of San Francisco Bay.

Benjamin is program director at the Community Housing Development Corporation of North Richmond, which relies on a portfolio of government housing programs, some with roots dating back to the New Deal, to assist first-time home buyers. Her mission, as has been the case for housing activists for decades, is built on the belief that owning a home helps to stabilize individuals, families and communities.

[kelliekat44]

1. Few politicians speak about the exhorbitant rental costs being a major contributing factor to our

economic woes. No question they are a significant drain on both the consumer and small business. One would think that the President would at least jaw-bone the issue a little. I sent three messages to the White House comment board about this and didn't even get a auto reply back.

[Demeter]

2. An elephant doesn't even know he's walking on ants

because of Alzheimers induced by Greed.