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Tuesday, June 19, 2012

Creating Slums Through Foreclosure Transformation or Every City Can Become a Newark

It's getting harder and harder to overstate the corruption in blue state Democratic parties. New Jersey provides a sterling example. An odious bill called The New Jersey Residential Foreclosure Transformation Act, introduced in the New Jersey Senate by two Democrats would set up a state agency to buy up housing that has been in foreclosure for 45 days or more. The vacant house would then be designated "affordable housing" for thirty years thereby reducing the local municipality's tax revenue, wrecking the neighborhood, and making Governor Chris Christie the world's largest slumlord in one felt swoop . No doubt banks like the idea. One suspects that Chris Christie is destined to become Attorney General in a Romney administration and this bill won't do much to enhance his resume. The New Jersey Star Ledger, obviously a big fan of political corruption and run down neighborhoods calls it "a promising and creative approach". Who writes their editorials? Snooki?

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