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Oops. meant to say..
Is there some positive expected from reviewing the 07-08 decisions?
Scott, discipline is simply about maintaining a standard and self restraint. When conjecture and assumption are sufficient ground for calling people fools and stupid, you are no better than the people you judge. Discipline is a good thing, for everyone.
West side? Very different parcel, very different attributes. A 2012 price reflects on 2007 investment acumen? The west side parcel went through bankruptcy between 2007 and 2012. None of this matters.
Every YVHA article brings up your interest 2007-8. Is there some positive expected?
"risky investments like millions of individuals..." And like thousands of boards of directors investing in real estate. YVHA behaved no worse than those other boards. Your standard of caution precludes buying real estate altogether - your central complaint rests on an impossible standard.
"there should be other government programs..." Speculation or certainty? Either way your Hillside complaint amounts to trading one government assistance for a different government assistance. Your criticism is founded on presumption, and again you are revising YVHA goals into Scott Wedel's goals. Neither are sufficient basis for your condescending criticism.
YVHA buying existing housing in today's market is bad advice Scott. Simple and obvious.
You think they could be effective if they operate in a disciplined manner. And for your part... a similar standard?
Scott, the first paragraphs in your last comment make my point. In describing YVHA investing, you are describing the investing behavior of millions of Americans and thousands of boards during 2007. YVHA’s “great mistake” investment was so repeated across the country that it became the nationally defining mistake of the collapse.
Your Hillside criticism relies on revising YVHA’s purpose there. Raising rent above a break-even basis does not reflect Hillside’s past, yet your premise is that raising rents into a profit should be Hillside’s future. On this premise you scold YVHA for how they applied Hillside equity? Hillside is home to the folks who most need housing assistance. You think we should, and could, finance new projects by raising their rent. Seriously?
Your next paragraph is baloney. But you do think a lot of yourself to pass such judgment.
Next you advise, “All they need to do is buy existing rental property where current rents are in the affordable range and be sure that rents cover costs and debt payments.” YVHA buying existing rental property today is not a wise use of their funds. Maybe if someone offered a great deal in a slack market it made some sense, but during a tight market it does not. Displacing one set of workers to house another set of workers in today’s rental market accomplishes next to nothing.
Scott, your many YVHA critiques ignore the recession's affect on YVHA investments. Of course the recession wrecked millions of housing investments. Thousands of investors and boards experienced equity losses similar in scale to those of YVHA. Given your critique completely ignores the recession's impacts, why do you expect readers to take you seriously?
You also ignore the difficulty of YVHA's mission: providing affordable housing when it is needed. Waiting for market lows was a luxury they did not have in 2007. On the revenue end, their renters and purchasers are by definition lower income. Doesn't sound like an easy job to me.
Deeper into the fantasy. As if the military is ever in charge of domestic policy or where they are sent to fight.
Not interested in such a ridiculous conversation.
You've gotten your answer dozens of times. If statements from the military can't convince you, no one EVER, EVER will.
Your posts are perfect though. Pigeonholing everyone and everything into your fantastic paradigm, as you do below and above, is perfect. Keep it up.
I agree with your text, except I feel some agricultural $$ backing is smart. Yes to smaller farms and yes to less GMO crap. The linked video is a guy in a ditch pointing to topsoil?
Show no mercy.
That was not the military making the Iraq WMD call.
We endorse the reality we understand. Many have the luxury of picking or ignoring facts to reinforce that reality. I won't claim to be above anyone else in this regard. But one institution has people allowed little of this luxury. They frequently pay the real price, live with deadly serious facts, and serve for us in the real gutters of the world. That would be our military. You walk away from their report on climate too easily. Far too easily.
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