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Solution to the mortgage crisis: destroy houses

submitted by wagthedog1
1 decade 5 years 6 months 3 weeks ago

Money

Foreclosure often leaves banks holding several houses that are typically liquidated at auction. However some houses are not up to the standard required for resale, due to heavy vandalization or if the developer files for bankruptcy before completion. Banks find it is better to pay a contractor to tear down the house rather than invest more to bring the house to market. The video show amateur journalist footage of one such house being torn down by the bank that considers it a liability.

6 Comments

GenjiKilpatrick

best idea so far. Hopefully they'll do some of that in georgia. maybe those trees'll grow back

Ah capitalism proving that its the best way to go once again.

osama1234 says...

I dont know if in the few words I mention, that I'll be able to express what i mean.

Just watching them makes me think of the artificial nature of our system, the capitalist system that requires consumption. Just take the earth and pillage and rape it, and unless you're not doing that we're not 'growing' as an economy.

It's a problem of poorly designed incentives and externalized costs. The city is incentivizing them to take action, but is indifferent to whether that action is in the best interest of the community. The costs are externalized because society bears the costs of wasted resources, rather than the entity wasting the resources (the bank).

If public outcry forces the city to adjust their incentives and contributes to a movement to reduce the externalization of costs, the system is working.

Destroy the homes. Feed the Homeless.

How long before there is a homelessness crisis to follow the mortgage crisis?

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