Came across this opinion/letter to the editor piece this morning in the Daily Record. Not sure whether to cheer or be appalled, but I’m leaning towards the latter, mostly due to the fact that the writer lives in Short Hills, and based on a few google searches, looks to be pretty well off. So I’m going to call this out as some pretty outrageous crap.
What’s the real issue here Mr. and Mrs. Eisner? Is it wealth redistribution to urban areas like you mention below? I think not, since that runs completely contrary to your real thesis which is … that you don’t want minorities to soil your beautiful neighborhood. Or worse, god forbid, you should be forced to live next to someone that is “poor”?
Do you really believe that property values would decline further? Remember, it’s the forclosure that caused the initial declines in value, not the fact that a low-income resident had moved in. Oh.. Oh.. I see now. You *do* think it’s a fact that if the low income resident moves in, it will cause further declines in price.
Why raise the alarm around protecting property rights? The need for protection was long gone when the borrower defaulted and breached the terms of his or her note. Clearly, it is the right of the lender to take back the property to make good on the note. I’m not quite sure how anyone’s property rights are at risk when it is the government who is choosing to buy these homes. They would clearly be the owners, and who better to look after the interests of the government but the government itself? Where is the risk of eminent domain? S1566/A2168 mentions nothing about the seizure of property. Again, why the alarmist attitudes?
Mr and Mrs. Eisner, if you don’t want minorities or the poor to invade Short Hills, the solution is simple, just buy up all the foreclosed homes yourselves.
From the Daily Record:
We are very concerned about a bill that is passing through both the Senate and Assembly in New Jersey named the NJ Residential Foreclosure Transformation Act(S1566/A2168). If this bill passes and is signed by the governor it will allow the state to buy houses in any town, convert them into low-income housing and it is deed-restricted for 30 years.
We feel the legislation is social engineering at its worst. It will severely impact the property values, will continue the unacceptable practice of re-distribution of wealth to urban areas at the expense of the taxpayers and it has potential for eminent domain abuse. There has been virtually no citizen input and worst of all, the plan does not in any way guarantee the citizens’ property rights and personal rights are not specifically protected.
The public needs to be informed about this bill as it will affect every citizen and property owner of New Jersey in a negative way.
Judith and William Eisner