Downtown Eugene


Tuesday, July 24, 2007

Taking from the poor, giving to the rich

US Federal HUD (Housing and Urban Development) grants are intended to create jobs and housing for low-income people.

The city is using this money to do more than finance the projects of developers. It is using that money to guarantee profit of wealthy developers. A 13% profit, on a project which could grow to be as large as $100 million.

All this, to destroy a downtown that is revitalizing itself, and rebuild it, speculatively, for the wealthy. Who don't exist in Eugene in large numbers.

Perhaps we need an initiative petition, with a very basic message -- public money cannot be spent to guarantee profits.

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