Fairfax County, Virginia, is going to spend millions of taxpayer dollars to try to prop up the housing bubble a little longer. They’re planning to buy up foreclosed houses and use them to house well-paid county employees. What’s most amusing about the plan is that it is being done in the name of “affordable housing.” But even if it succeeds, it will make housing more unaffordable by propping up home prices in Fairfax County, where even a small home costs a minimum of $400,000. Jim Bacon describes this ludicrous scam at Bacon’s Rebellion.
We earlier commented on the folly of federal mortgage bailout bills here.