By: Diane Benjamin
Keep in mind the City has stated they have budget deficit for the upcoming year of $6 million. Motor Fuel tax keeps dropping, at least partially because EV drivers don’t pay it.
Last night’s Bloomington Council meeting can best be summed up by George Bush:
“I’ve abandoned free-market principles to save the free-market system”
A huge part of the housing problem was caused by ridiculously low interest rates for too long. People could borrow money at 2%+ and buy a much larger home than a normal 5% loan buys.
Interest rates then went above average to control inflation that was caused by the federal government printing money they didn’t have and shoving it into the economy.
Add in November’s Illinois unemployment rate was 5.3% which is much higher than surrounding states.
Billy Tyus stated at the meeting the Council has approved more than 1500 home construction projects and none of them are in process. Inflation and interest rates prohibit building.
Seeing a pattern?
Last night was all about using government to solve problems they created.
EDC’s Patrick Hoban lamented the Cost of Living is higher in Bloomington than surrounding cities. Hint Patrick, it has always been higher because of high salaries paid by the Universities and State Farm. Both cities were white collar communities, but that is changing with Rivian and Ferrero. Comparing Bloomington to Decatur is night and day. It is much cheaper there – including housing. I don’t he mentioned the fleecing of home owners here with property taxes.
This realtor summed up the local housing problem perfectly by using herself as an example. She can’t sell because she has a low interest rate. This is why few houses are available on the market:
This problem could take decades to solve. People can’t afford to exchange a low interest rate for a much smaller house that costs the same over the life of the loan because of interest.
After these 2 presented a couple known Democratic Socialists gave a presentation on Community Land Trusts. They wouldn’t be at Council if they didn’t want money even though they claim to be working with churches and corporations. They want to buy derelict properties, rehab them, and then sell the house but retain title to the land. They have a non profit set up, go ahead and get your first property!
(I have proof of Socialists ties for Georgene Chissell and Noah Tang)
Supporter:
Mark Adams stated 1 house a year is the goal. In other words, their effect on affordable housing will be microscopic.
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The meeting was 2 1/2 hours of numbers/facts according to who was presenting. There is one more piece to this meeting, stay tuned. Mayor Mboka still hasn’t announced who he wants to replace Donna Boelen.
If you want to watch any part:
“Land Trust” ???
So they want to turn the entire town into a trailer park!
We would gladly sell our house and move but we are the ones with a 2.5 % interest rate and it’s only months away from being paid off. If you can’t afford to live here you could go to Decatur or one of the areas with a lower cost of living.
As someone who was at this meeting I can confirm that the land trust idea is actually a really good idea. You’re right about it being microscopic, however it has proven effective around the U.S. and could be one of the MANY factors that go into the “solution” to the housing shortage, especially in upcoming years. They’re young, but they’re promising real results that are actually promising. . . Something anything Bloomington resident craves and lacks.
Also you didn’t bring up the fact that our high prices are the biggest issue due to the fact that the amount of people who take jobs here in town and live somewhere else. . . It’s taking millions upon millions of dollars out of our economy that should be spent locally.
Just my pitch in. . . Maybe you should come to these meetings? Hear what they say?
Lincoln Lofts has 4 2 bed apartments
And what are the prices and requirements of owning these apartments? All it takes for someone to live out of town is for it to be cheaper.
Go to their website. They aren’t expensive. Your last comment was deleted. I’m not posting your propaganda anymore
Get your own website to spew your lies. You are done here.
Diane