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N. Va. Politicians Have No Faith in Markets

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July 05, 2008 – Comments (3)

If they did, they wouldn't be planning to waste taxpayer money trying to make the entire public into real-estate bagholders in some of the nations wealthiest communities -- where real estate is insanely overpriced and long overdue for a correction.

The program, championed by Gerald E. Connolly, chairman of the Board of Supervisors and the Democrats' 10th District candidate for Congress, aims to stabilize areas where clusters of homes that have been foreclosed on threaten property values. 

Where were these knuckleheads when property values were inflating beyond all reason, setting up the fall and keeping honest, hardworking, frugal citizens out of reasonably price homes? Oh yeah, they were patting themselves on the back for how great they were managing the area economy, and pretending that 20% per year home price appreciation was normal.

Not that it's not happening anymore, they want to throw tens of millions in taxpayer bucks at houses that they determine should be purchased in order to pump real estate values back up? Yeah, I'm sure this will work out just great...

Gerald Connolly, stop with the socialist central planning. You can't keep overpriced homes from getting the correction they need. Live with it.

3 Comments – Post Your Own

#1) On July 05, 2008 at 1:53 PM, rd80 (98.50) wrote:

Minor correction to the WaPo - Connolly is running for the 11th district.

According to the article, this plan would spend $10 million to buy or provide financing to buyers for about 200 homes.  The article also states  there are somewhere between 2000 and 3500 foreclosed homes in the county. In other words, this isn't going to help much, but it sure will spend our tax money.

Some quotes from the article:  "...supervisors will decide which homes to buy. It is unclear how they plan to make this decision."  "the decision will largely be subjective"

and then the answer to how they'll make the decisions "...ambiguity could allow politics to enter the equation, particularly for supervisors running for office."

I'm guessing Connolly's real motivation behind this is an attempt to keep property assessments up since lower valuations = lower property tax revenue.  

 

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#2) On July 05, 2008 at 2:01 PM, TMFBent (99.81) wrote:

Sounds about right. That, and be able to pretend to have done something to "protect" the people of northern Virginia. Where "protect" = "keep silly prices afloat"

Protect should mean "let the market work it out so citizens who work hard and save (the real folks you want in a community, rather than the debt-drowned, $50K millionaires) can buy houses at the right prices."

But hey, it's doomed to fail anyway. That's not even spit in the Ocean, Gerry C.

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#3) On July 07, 2008 at 4:56 PM, FleaBagger (29.53) wrote:

I love this line:

Foreclosures are on the rise in Fairfax, as they are throughout the country, but it's unclear whether the problem is severe enough to require government intervention.

That's like saying "My stomachache is bad, but I don't know if it's bad enough to require drinking lye." Post to interventionists: it may not be time for the lye quite yet!

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