Friday, May. 02, 2008
Letter: Housing problems aren't the fault of developers
As a life-long citizen of Los Baños I have recently read two letters which appeared in 'Letter's to the Editor' and I have a couple questions regarding the authors of these letters.
First of all, a few weeks ago Caryn Cox wrote and in her comments she criticized the developers for being responsible for the current slump in home sales plus also blaming them for the surplus of houses on today's market. I would like to respond to Ms. Cox simply stating that the developers were building to keep up with the market demand.
The demand for homes escalated totally out of control primarily due to two reasons; the first due to subprime lenders. They were willing to loan money to basically anyone who walked through their door no matter how good or bad their credit history. Secondly, due to house speculators or sometimes called 'house flippers,' non-owner occupied investors hoping to make a quick profit.
I believe I am correct stating the fact that Ms. Cox was one of these investors.
One other letter is a bit bothering to me. In your last week's paper there was a letter from a Kathy Ballard in which she was very critical of a raise being given to our current city manager.
Is this the same Ms. Ballard who just a few months ago was very vocal in her support of the BFI bid for garbage disposal? I believe this bid was more than $1 million higher (over 10 yrs) than the bid from Sunset Waste Systems.
Also, rumor has it that perhaps one council member should have recused himself from even voting on this garbage bid since his wife worked for a company who did a major amount of work with BFI.
Perhaps Ms. Cox, Ms. Ballard and Mr. Council member would like to respond to my concerns.