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    POPS    Housing crisis hits rentals
    obvious
    by obvious  4-17-2008   
     The credit crunch from the mortgage meltdown is slamming developers of low-income rental housing. Our country's only real rental housing strategy is actually administered by the IRS: the low income housing tax credit program LIHTC. The scary part is that it's not so different from the "bundled" mortgages that led to the current problems. The tax credits are sold for cash by a developer to a Wall St. broker, who then bundles them and sells them on an open market. If that market dries up, then the system falls apart and there is no way to build new subsidized rental housing.
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    POPS    Housing vs. NIMBY in Central California
    obvious
    by obvious  11-13-2007   
     Classic NIMBY fight... "why don't they build it over there?" The issue of owning the land is a good one, but the fact that he's filing suit reveals his true objection: Not In My Back Yard.
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