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.
posted by Greg Bryant @ 3:29 PM
2 Comments:
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