It looks like a bunch of delusional leftards that think laws of economics can be trumped by those of “social justice” and big government meddlers, have decided to make sure nobody in Richmond can get a new mortgage again. Of course, this was all sold as a noble plan to save the poor people fleeced by the evil mortgage companies.
See, the fact that practically every city in CA, where government meddling and regulation of the housing market is so insane that prices are orders of magnitude higher than in other parts of the country where saner policy rules the day, got hammered when the artificially high property values these rules, regulations and building restrictions caused, came tumbling down, is the fault of everyone but the idiots in government that think they can meddle with the laws of supply-demand and economics, or the fools that actually thought they were getting a good deal buying property in CA.
So now the city of Richmond will use imminent domain to confiscate property, then, and this is a big supposedly, turn around and force someone to issue a new mortgage for these homes that are now worth less than the mortgage on them, and in the process somehow make a profit. Wait a minute? Make a profit? Ain’t that evil?
But don’t worry, when this idiotic plan results in nobody wanting to issue mortgages in Richmond, or the few that do demanding exorbitant interest rates, the town can again just confiscate the house and redo it all over! No foreseen or unforeseen consequences at all. This is progressivism in a nutshell: government saves people from making stupid choices, by meddling, causing more imbalances that lead to even more stupid choices, restrictions, rules, and regulations that drive up costs, availability, and access, which then necessitates even more government meddling to address these new problems and issues. And the circle keeps going on and on, with people losing more and more freedoms, government growing bigger and assuming more responsibilities, the inefficiencies and costs skyrocketing, and in general, things getting worse. But don’t tell progressives, either those in government or those looking for the free shit, that. They meant well, and that’s all that counts.
Look, I have no sympathy for the mortgage industry. But I understand them and what they are doing. I also understand the big government types and what the things they have done have caused. And while it might not be clear to everyone, to me the big government types have done far more harm than any of these evil profit making entities they constantly claim to be fighting for the little guy. The fact that the little guy ends up squeezed more and more very time, especially those that do the right thing in the first place and then end up paying for the ones that don’t, seem to remain immaterial to the conversation that we should be having. If you dare to point out that you are getting screwed by those that reward bad behavior, you are made out as the bad guy. Go figure.