By handing hundreds of millions of dollars of your money to developers who, in effect, take the money and run, City Hall has made our city the leader in . . . wait for it . . . vacant lots.
Read all about it in Tim Cavanaugh's essay at Reason.com.
Plus, the hits keep coming: the LA Weekly reports today on the return of the 1601 N. Vine boondoggle. Yesterday, the Los Angeles Times reported on the Slauson Central Retail boondoggle.
Hundreds of millions of your tax dollars go to these scams every single year through the CRA.
Walter you were the first one in LA and just another person Richard Lee Abrams in "Citywatch" who are aware of CRA boondoggles that are a funnel of taxpayers money to rich developers. I admire both of you for bringing CRA follies to light, although both of you have scaratched only the tip of the iceberg. I don't know what it'll take to shut down this agency for good in LA. They simply are not needed, cause their original mission died ages back, and they provide loans that are never repaid for projects that should never be built.
ReplyDeleteWalter, the Daily News is urging an "Yes" vote on Prop 22 to keep CRA moneys to fund more unpaid loans. You need to add your comments there, and let the community know that it is time to put a nail on the CRA coffin.
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