The city of Racine now wants to buy and flip forclosed homes in marginal neighborhoods with your money. Read about it here: http://www.journaltimes.com/articles/2008/12/27/local_news/doc4956ea55c1ee0781977341.txt
Not a good idea. The city "already owns six houses which it has obtained through defaulted home improvement loans" according to city development director Brian O'Connell. In other words, taxpayers are holding the bag for the city's previous failed efforts in the housing business. What will be done differently this time? Did someone at city hall get fired for squandering our money the last time? Nothing and no are the correct answers I suspect.
The city officials will fail again and again in the housing business because they fail to recognize an obvious truth: People who can afford to but a home in Racine's rough neighborhoods don't want to live there and many people who do live there aren't stable enough, economically or otherwise, to be successful homeowners. This leaves renting as the only realistic option for the homes in question.