By: Diane Benjamin
Monday Bloomington Committee of the Whole: https://d2kbkoa27fdvtw.cloudfront.net/cityblm/71da98b657d141c8434a7276f3c1a7b60.pdf
Panel Presentation and Discussion on Community Housing Needs , as requested
by the Administration Department.
This is brought to you by the same mindset that build the Coliseum, bought the Consistory and refurbished it, build a never used water tower, and built a never used why it was built fire station. There are probably others to add to this list, I’d include a refabbed library right by an illegal tent city.
Things that won’t be dicussed:
- Inflation has caused a massive increase in credit card debt making loans harder to get
- Covid regulations on landlords decreased available rentals
- Where are all the new “migrants” living? Are they taking rentals away from citizens?
- Interest rates are preventing people from buying a home or moving to another home that fits their needs
- Not every commuter wants to live where they work – especially when jobs disappear overnight as companies go out of business or are forced to adjust the workforce to survive
- The value of the dollar continues to decrease because government spends money they don’t have.
George Bush: I Had to Destroy the Market to Save It
Bush didn’t save anything, Bloomington won’t either. Government interference made the Great Depression here worse than anywhere else in the world. Interference now will make the housing crisis worse. Bush picked winners and losers, he prevented a reset that still needs to happen.
Nothing will be fixed by picking local winners and losers. Capitalism requires resets. Preventing one destroys self-correction of the markets making the eventual reset even worse.
I suggest everyone listens to the discussion Monday night. It will have failed socialist ideas all over it. The economy under Jimmy Carter was horrible, it took years to fix. History is repeating. Local interference will make it take even longer to fix. The Federal debt is a huge problem, government did that one too. There is a huge reset coming.
Inflation will continue to destroy prosperity if government thinks they can fix it. Government caused it, they can’t fix it by continue the same policies.
The economy must reset and it won’t be pretty since previous resets have been prevented. The local economy must reset too. Government is a fake god, people need to quit electing people who think they have superior powers. They don’t.
I have been in the rental business since 1992. Bought my first home in 1979. Mortgage rates were 15% back then, 2X what they are now. Very tough times around 1980. Prices of homes were VERY cheap. Property taxes and insurance were also very cheap. But the very high interest rates almost shut the market down. You had it made if you could pay cash or survive long enough to refinance to a lower mortgage rate. You had a cheap home. Prices of homes had no where to go but UP.
Today is MUCH worse. Although interest rates of 7.5% seem high to the current generation, the real problem comes in many forms. SUPER HIGH home prices with SUPER HIGH property tax bills and SUPER HIGH insurance premiums. When this bubble bursts, home prices have nowhere to go but DOWN!
Government IS the problem. They control interest rates. They force inflation with excessive spending. They force mandates on Landlords who have to pass on all the costs including ever higher tax and insurance expenses. Wait until Springfield discusses rent control. I have sold off nearly all my rentals in recent years. Tired of governmental bodies at all levels telling me how to run my business. “You don’t have to pay rent” and a prohibition on evictions by JB to name a couple.
The Village of Heyworth has allowed 30 new “low income” Villas that will accept section 8. Government takes dollars from taxpayers to provide housing for the less fortunate. That is OK to a point but government causes way more problems than is solves. Let the free market prevail!
Lotsa city and state money funnels are choreographed to make government and universities and NGOs to look like the hero coming in at the last minute ti save the environment and kids and city/state.
Much of the or orchestrated projects in this state and Central Illinois are very much so. Making sure they centralize and track citizens and” data” is of prime concern $$$
Be careful who you trust