In a completely unsurprising move, the Chronicle's editors have come out in favor of Mayor Bill White's plan to turn urban blight into government-subsidized urban blight. What is surprising is the editors' willingness to cavalierly toss the free market out the window of City Hall:
In order to avoid competition, the city also will seek legislation to allow the creation of a Houston land bank, like one already authorized in Dallas. That would give the city first right to purchase foreclosed property rather than having to bid at open auction. With reasonable restrictions in place to avoid completely locking out free-market competition, this proposal could ensure that blighted properties are put to use for affordable housing instead of simply being snapped up by speculators.Oh yeah, gotta watch out for those eeeevil speculators! Left unchecked, they'll do unspeakable things like establishing the Bayou City.
Mayor White has already devoted long hours of discussion and negotiation to launch this effort to revitalize inner city neighborhoods without displacing their residents. He deserves the cooperation of the local judiciary, taxing jurisdictions and state lawmakers to swiftly make it a reality.Yes, you read that correctly. According to the Chron, if Bill White talks enough, he suddenly "deserves" to have the entire political establishment march in lockstep with him.
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