I don’t get how anyone with a shred of sanity can propose bailing out all the would-be flippers and status seekers who made bad speculative plays by buying a house and who are now facing foreclosure and other kinds of dooms.
It’s not a threat to our city. Sure, it may hurt some of us who did not choose to make these unwise purchases, but a lesson needs to be learned. And hopefully home prices in LA will drop to somewhat realistic levels. Or is that just a dream. And while I am dreaming, hopefully all the crappy speculator landlords will choose to exit the business.
At least the LA Times weighs in strongly against this kind of bailout for these turkeys.