No on 4 Campaign Financed by Bailed Out Over-Builders & the Lobbyists Who Do Their Bidding... from Florida Hometown Democracy

Nearly $2 million of the $5 million raised by the opposition to Amendment 4 since April consists of donations from Wall Street’s biggest construction companies that recently received billions in federal bailout money.

These publicly traded construction companies engaged in reckless speculation, over-built many communities and crashed Florida’s economy. Yet they received huge taxpayer bailouts this year and are now using them to fund the opposition to Amendment 4. Privately held real estate companies are not required to publicly disclose their bailouts and a number of these builders donated to the opposition to Amendment 4. For example, GL Homes, a huge but private Florida developer, donated $50,000 this year to the opposition. So it is not clear exactly how much of the contributions came from companies that received bailouts.

Recent media reports contain myriad consumer complaints throughout Florida associated with poor construction practices engaged in by the bubble bailout builders; broken promises to homeowners, aggressive use of subprime mortgages, encouragement of flipping and the reckless over-building during the recent bubble. What was the result? The bubble builders got a $33 billion bailout.

Amendment 4 will give Florida voters the right to decide whether their local comprehensive land use plan should be changed. Currently, city councils and county commissions exclusively make those decisions.
Lesley Blackner, president of Florida Hometown Democracy, the sponsor of Amendment 4, said: “Florida voters need to know that the very companies that drove Florida over the cliff and wrecked our economy with crazy over-building got immense bail outs. They over-builders want to continue their Ponzi scheme economy-- works for them but does not work for Floridians. They want to deprive Florida voters of having a little accountability to stop this from happening yet again—a much needed seat at the land-use table—a vote. Florida voters are stuck with higher taxes and declining quality of life because of the crazy, ill-planned, reckless overbuilding endlessly rubberstamped by politicians for these over-developers. We deserve a vote before we must pay for the services and infrastructure for even more development. Amendment 4 recognizes that major changes to our comprehensive master plans are just too important to leave solely to the developers and their lobbyists. “

Here’s a breakdown of recent contributions from the Bailed-Out Over-Builders:
From Citizens for Lower Taxes & A Stronger Economy PAC, Fla Division of Elections (Searched by “Contributions” and “Amount”) 4/1/2010-7/16/2020:

2010 Contribution First Quarter 2010 Bailout
Lennar Homes FL $367,000 $251.1 million
Meritage Homes $34,000 $93 million
M.D.C. Holdings $39,000 $142.6 million
Standard Pacific of Tampa $132,000 $103 million
Pulte Homes $567,000 $800 million
Ryland Homes $135,000 $97.6 million
KB Homes $255,000 $191.7 million
K. Hovnanian Companies $96,000 $250 to $275 million

Beazer Homes $75,000 $101 million
M/I Homes $73,000 $31 million
Toll Brothers $43,000 $78.8 million
MDC Holdings $39,000 $142.6 million

Another $2.5 million since April came from a who’s who of lobbying groups who represent the over-builders/speculators: Broward Workshop ($260,000), Floridians for Smarter Growth ($488,000), Florida Chamber of Commerce ($240,000) and the Florida Association of Realtors ($1million), to name a few.

Since 2007, the over-builders/speculators have raised over $10 million to defeat Florida Hometown Democracy/Amendment 4. Here’s the breakdown:
Citizens for Lower Taxes and a Stronger Economy $5.9 m total
Floridians for Smarter Growth $4.6 m total (donated $488,000 to Lower Taxes)
Save Our Constitution $421,000
TOTAL $10.4 m

Ms. Blackner further stated: “Our opposition is composed of those who crashed Florida’s economy with speculation and over-building and the politicians who serve them. The group fronting for the bailed out over-builders, hilariously named “Floridians for Lower Taxes & a Stronger Economy” will say anything to preserve a broken, corrupt status quo. They are running a campaign based on fear tactics and out right lies. I urge my fellow voters to consider the source of the opposition’s huge media campaign war chest this fall when the barrage of lies hits the air waves. They need to immunize themselves now.”