Tuesday, August 10, 2010

Trash for Sale

Owe the city of Racine money? Have some garbage? If you answered yes to both questions, the city of Racine might just take both off your hands.

According to this Journal Times article, the city is accepting four houses, two of which need to be destroyed, to "clear up the debt" owed by the Racine Mutual Housing Association. RMHA had borrowed $380,000 to rehab 19 properties but they can't make ends meet, so the city is accepting the homes in lieu of the remaining debt of $194,000.

Now it would be one thing for the city to suggest that these losses are a necessary consequence of their efforts to help the less fortunate. But keep in mind the city in general, Mayor John Dickert in particular, are touting their real estate forays - buying houses, fixing them, selling them - as a major economic development initiative.

Last time I checked, buying liabilities is not a sure fire path to profits. But what do I know? Next Monday, I will be leaving some trash in the alley behind my building. I will give it to the city in exchange for my property tax obligations.

1 comment:

Anonymous said...

Doesn't work that way if you:
employ people
are not a non-profit
are a white male
aren't disadvantaged
have a clean criminal record
are current with your taxes
are a legal citizen.