Affordable Housing for Miami Political and Government Friends

This demonstrates government ethics problems are not reserved for the Miami-Dade County government friends and authorities, the attempt of local governments to subsidize affordable housing can easily be gotten around so that there is not certainty that they will benefit the desired group, and the concept of “affordable housing” is a just another rouge to misdirect public funds to friends and political cohorts.  At least one commissioner is offended by what happened.

(CBS4) MIAMI CBS4.com has learned the Miami-Dade State Attorney’s Office has begun a probe into what one Miami commissioner is calling “insider trading” among some employees of the City of Miami who may have used inside information about a city-sponsored affordable housing program to buy up the publicly subsidized condos, re-sell them, and pocket profits of as much as 83%.
Other buyers appeared to have purchased the specially designated ‘affordable’ condos at “The Loft” for investment or re-sale, not with the intent of buying an affordable home with the intent of living in downtown Miami, as is the stated goal of the city program.
“It is the kind of thing that gives Miami a very very bad name,” said Commissioner Tomas Regalado, a member of the commission when the decision was made to use public funds to subsidize affordable housing at the project.

Source: cbs4.com – Exclusive-City $$ Buys Insiders Sweet Condo Deal?

About Stephen E. McGaughey
International consultant in financing development programs and projects

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