Affordable Housing Fetish Devastates Chicago Housing
Congress is now pushing for the creation of a taxpayer-subsidized “affordable housing trust” in mortgage bailout legislation nearing passage. The Boston Globe has a story on how the fetish for “affordable housing” resulted in dangerous, costly, wasteful subsidized housing units in the Chicago region, that enriched corrupt developers. Federal obsessions with “affordable housing” and “diversity” in homeownership also helped spawn the mortgage crisis.