Quoted in today's Minneapolis Observer..... "It is disturbing that at this time in our society African Americans and Latinos still face such obstacles in achieving the American Dream of owning a home."
Less than half of Minneapolis households own homes (according to our 2000 census) compared with the national average of 70%. Homeownership provides a path out of poverty, dignity, and a more stable (less transient) community. Owning an asset provides people with a financial foundation from which they can borrow, grow equity, trade up. Living in a subsidized box prevents people from reaping any of these benefits: The occupants are dependent on and controlled by others, for better or worse, depending on prevailing political winds. Why do Minneapolis leaders discourage homeownership? Why do we continually give millions of dollars to developers to build boxes? And office buildings? And storefronts? And sports facilities? And ice skating rinks? And expensive riverfront castles? Who really benefits from these expenditures? Not the poor - they remain trapped. Not the middle class - they are paying through the nose. Not the rich - they move away. McKinsey exposed the fact that Minneapolis spent over $500 million to produce a whopping gain of 57 housing units. That amount could have provided 100,000 down payments of $5,000 each, or 50,000 down payments of $10,000 each. Such loans could be treated like tax liens, without interest, and collected when the property changes hands. This style of lending actually HELPS people make progress and vastly reduces the City's risk of default. Our current City practices are driving potential homeowners to the suburbs. I have rented to and grown very fond of many Somali and Oromo families on the West Bank. They work like maniacs, save their money, and as soon as they can, they buy homes in Fridley, Lakeville, Brooklyn Center, etc. (Warning to the local DFL - lots of them vote for candidates on the other side of the aisle too.) If we want people to have a stake in the future of Minneapolis, to take pride in their OWN address, and to help them climb the ladder toward independence, then we must stop giving money to businessmen and start giving to the people who we are really trying to help. Vicky Heller Another loyal American, along with Walter Mondale, with roots in North Oaks ......and Cedar-Riverside _______________________________________ Minneapolis Issues Forum - A City-focused Civic Discussion - Mn E-Democracy Post messages to: mailto:mpls@;mnforum.org Subscribe, Unsubscribe, Digest, and more: http://e-democracy.org/mpls
