"The commissioner says if prices dip as low as $175 per square foot, government should purchase condo units and partially subsidize them for teachers, police officers and the like."
Why? Why shouldn't condo towers be ordered to fail, that should never have been zoned and permitted in the first place?
Why pile the sins of socialization on top of the greed of the "free" market? I can't wait to hear all the Castro-baiting Miami developers take a firm stand against government bail outs for failed buildings.
"Nobody wants to see buildings fail," chimed in Miami state representative Carlos Lopez-Cantera. Really?
Why?
Taxpayers have been victimized. First, victimized by local legislatures and lobbyists who piled ill-advised development in the city and county, far in excess of historic norms with little to no planning for infrastructure costs.
Now, taxpayers are to victimized by the development lobby, again, to pay for its terrible investment decisions?
No way. It's called the free market, LBA.
Let the market determine where the bottom is for condos whose ownership fees and maintenance costs will continue to be a massive thorn in the side of owners.
If you want to help poor people, that's another thing: help them in the communities where they live, not in condos converted to be warehouses for bad zoning decisions.
If you want to help underpaid government workers, a hand-out would be better than bailing out the developers who have caused so much pain in our communities.
It's THEIR bed. They made it, and they should sleep in the bed they made, just like anyone else.
15 comments:
Just another reason Miami Dade Commissioners have NO business approving more development outside the Urban Development Boundary tomorrow!
City of Miami Commissioner Marc Sarnoff is not recommending any bail-outs. He is merely pointing out that at this point in time it is considerably less expensive to buy existing condos (in existing neighborhoods) than it is to buy new construction. Sarnoff is asking why politicians are spending tax dollars on $350 per sq ft units in bad locations when buyers can find $150 per sq ft units in better locations.
Further, Sarnoff is advocating for urban infill which is the opposite of building west of the UDB. And Sarnoff is advocating for re-using existing already built condos which is a "green friendly" concept.
No bail-out is proposed. It is possible buyers are looking at an opportunity that comes along only once every 20 years. Ocean Drive condos for $400,000? Those were $50,000 condos in 1987.
What is wrong with this? No he is not recommending building council houses (The large public townhouse developments in the UK that Maggie sold off and now are being reconsidered becaue of huge house price inflation in the UK) however considering his anti-poor and elitst opinions overall this is actually something to support.
Commissioner Sarnoff is actually recommending the City of Miami encourage "mixed income" housing. That means putting aside a certain number of units in middle income and upper middle income projects for lower income people. (Or maybe poor people just need to be informed well located units are available). This could provide great well located housing for poor people. And it provides the opportunity for poor people to walk to jobs downtown and on Brickell. Why should poor people be forced to live in housing that is limited to poor people only? Why should poor people be forced to live in bad locations? Commissioner Sarnoff is asking these questions.
Why should government help to establish a bottom for prices of failed condominiums? And once government intervenes, what other buyers are going to come in? How is does these not become socialized housing projects?
I understand the argument: infill, mixed neighborhoods, retail/residential. If the market really is a free market, let the market find its own equilibrium. I don't believe there is a role for government, of if there is, call it what it is: a bailout.
As far as the notion of putting poor people in new high rises, does anyone really believe it will turn out any different from poor people in old high rises? It was a lousy 40 year experiment in the nation's urban centers: what happened there-- was that government ended up buying the high rises and tearing them down.
So let's count it up: government makes bad decisions on zoning, investors make bad decisions on development, taxpayers bail out developers by turning failed developments to subsidized housing, and because the development doesn't work for people who live there, government buys the buildings and tears them down. Now there's a real formula for success.
Re. Miami urged to invest in condos for employees
Mon, Nov. 26, 2007 BY MICHAEL VASQUEZ
The suggestion that "Miami urged to invest in condos for employees," reminds me of another con-game.
It is like a security alarm company offering a special discount for installing an alarm system after they sent a burglar to break into your house.
I am a supporter of Commissioner Marc Sarnoff and applaud his efforts to help Miami steer a new course for our future.
But lets first determine how we arrived at this sad state of affairs and who helped get us here!
Lets determine why there is a glut of housing on the market that some experts estimate will take 3 to 5 years for the market to absorb.
Lets research what all of the recently built and soon to be built condo projects where originally zoned for.
Lets calculate the amount of extra units that where permitted to be built by some of our commissioners after they bent over backwards to accommodate lawyers and lobbyists like that of Lucia Daugherty and Jack Luft for the benefit their many developer clients.
Lets remind everyone who approved of the many condo projects got super-sized as if on steroids.
Lets remind everyone who voted to rezone Mercy Hospital from GI to R4 to develop even more unnecessary luxury condos for the benefit of profiting a mismanaged not-for profit business and a zillionaire developer with political connections.
Lets fire and or arrest those government officials that demonstrated more loyalty to their developer pals and showed contempt for the publics best interest.
Lets come to the conclusion that our economy must not be built on developing more residential housing and must be built on developing more business, employment and a much better infrastructure.
Lets figure out who betrayed the publics trust, get rid of them, punish them, replace them with more caring government leaders such at Commissioner Tomas Regalado and Marc Sarnoff and do our best to help get out of this mess.
At the very least lets emulate Key Biscayne in the way that they had to clip the zoning wings of their own elected leaders.
Key Biscayne voters have been so unhappy with some of the recent zoning decision that they have now mandated that a city vote be taken to help determine the future rezoning and building of major projects that will have a lasting effect on their community.
Miami needs to the same.
To "questions need answers";
"Why should poor people be forced to live in housing that is limited to poor people only? Why should poor people be forced to live in bad locations?"
Why the hell should poor people be able to buy the same unit in the same location that I might pay twice the price for, subsidized by the government?
Why even try to work hard and get ahead, if the government will provide for you?
http://jameshowardkunstler.typepad.com/clusterfuck_nation/
Cut and paste, read and weep.
Marc Sarnoff never recommended a bail-out for anyone. He does want people discussing solutions to the housing crisis.
Hi All,
Outrage, and Discuss must be what the constituents of district 2 in the city of Miami must have felt on Nov 26th, last Monday, when our commissioner Marc Sarnoff unleashed in a Miami Herald article titled ‘Miami urged to invest in condos for worker’, what amounts to a “lawyer talking” political gumbo as a solution to “Affordable Housing” in the city of Miami. .
The Commissioner after getting elected will an entire 3000 votes from a pool of 97000 registered voters, that’s around a 10% turnout, has outright declared what the free market and what even most economist have not, which is a greater than 50 % decline in condominium prices in Downtown Miami.
The Commissioner in his hunger for political gain continues his populist ideology by in his own words populating the luxury condominiums in Miami with a mix of poor and rich from the first floor to the Penthouse. He referred to it as Salt and Pepper. Salt is apparently the rich folks and the Pepper the not so rich.
HOW WILL THIS BE ACCOMPLISHED?
With our hard earn money, that’s right, our Taxes will be used to subsides purchase of these condos to people that qualify and make between $28,000 and $64,000 a year. The target population under his plan is teachers and police, a great cause, but lucky for him these two groups are a highly unionized workforce, which if taken care of will turn out to vote for you.
Furthermore it is a hidden bail out to Developers, since your tax money will introduce a Price Floor for condominium developments in Downtown.
It will under cut programs like FHA and will NOT promote savings, investment, and hard work for those that will like to buy a home. You know, the same values that are shared by the people who currently own these condominiums in District 2 as well as homeoners in this country.
It WILL promote big government, higher taxes, and especially corruption in the city of Miami. All under the slogan of Affordable Housing which if we take notice of recent as well as not so recent events on this topic the only benefit will come to those that already have rather than those that have not.
Dear Commissioner Sarnoff;
1. Focus your energy on a safer Miami so that Home Invasion stop the taking of innocent people. So that families can sleep well at night without having to be armed to the teeth.
2. Focus on improving our Public Education System through funding rather than a lack of funding because of ill’ thought programs like the ones that you continue to suggest.
Focus on improving the Downtown Shopping Area from a place that people run from at night to a location that the city is proud to share with its people. The area will create jobs, rather than create crime.
3. If you are truely interested in helping the poor than make Miami a city WITH Fortune 500 Companies that will raise the Median Income of this City from Dismal Levels, such that Poor Families can raise their kids in an environment of opportunity rather than low paying jobs. So that College Graduates who come from these same poor families can get a good paying job, which will not only raise their status of living but also the status of their families.
Finally, Stop disrespecting the values of this community and your display of pure contempt for Property Rights, the Constitution, and the Free Market.
Miami Herald wrote an Editorial on Nov 29th about Marc Sarnoff's ideas. Great praise. Obviously Sarnoff brought fourth several excellent solutions worth pursuing.
Herald Editorial Nov 29th. Available on-line.
to herald wrote an editorial.
Man,
You consider Marc Sarnoff ideas on this issue "Great". Thats scary, you consider more government, a drain on tax payer money, and a city government that always seems to find a way to waste tax payers money a great idea.
If you want to solve the affordable housing issue, introduce corporations that pay more than $10 an hour.
Stop the waist of taxpayers money so that teachers, firefighters, and the police can get a good wage.
Promote education by supporting education in our comunities.
Sarnoff idea is way below "Par". Its uncreative and really I can't believe that its an honest attempt by him to confront the problem. His answer is More government that will lead to taxpayers dollars being wasted.
Sarnoff did not propose more government. In fact, Sarnoff proposed less government. Instead of using taxpayer money to buy units for $350 per sq ft Sarnoff proposed buyers get their units from the open market. It turns out that existing units are available on the open market for $150 per sq ft. Sarnoff does want worthy buyers to be aware well priced units exist in excellent locations.
Sarnoff's opponents are probably developers who make huge fees from overcharging the taxpayers for new units in bad locations. The only thing that motivates an "affordable housing developer" is the chance to upgrade from a Town Car to a BMW 750.
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