Obama admin wants to privatize public housing. They get the $, we pay the cost.

from Alternet. "The Obama Administration’s move to the right is about to give conservatives a victory they could not have anticipated, even under Bush. HUD, under Obama, submitted legislation called PETRA to Congress that would result in the privatization of all public housing in America.

The new owners would charge ten percent above market rates to impoverished tenants, money that would be mostly paid by the US government (you and me, the taxpayers). To maintain the property, the new owners would take out a mortgage for building repair and maintenance (like a home equity loan), with no cap on interest rates.

This is urgent. *** There is a hearing next Tuesday, May 25, before the House Financial Services Committee and the Subcommittee on Housing, organized by Rep. Maxine Waters. Phone: 202-225-2201. Fax: 202-225-7854."

http://www.alternet.org/story/146961/obama_administration_on_the_verge_of_giant_sell-out_to_conservatives_--_how_to_stop_them/

:toast:

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is GOOD for section 8 people. They will no longer have to reapply every time they move, they can now take their section 8 with them. Lots of other changes too, many of them very good.

http://www.dailykos.com/story/2010/5/21/868448/-Below-the-Radar:HUD-is-Trying-to-Privatize-and-Mortgage-Off-All-of-Americas-Public-Housing

would lol if it weren't so sad.

Then they could use the assistance to get out of poverty.

Obama would rather give hand outs to rich investors than help people in need.