‘Foong on Finance with Keat Foong’: Spread the News: President Obama Wants to Privatize Public Housing

Whether you are for or against it, would anyone be...

Whether you are for or against it, would anyone be really surprised if President Obama tries to privatize social security, or impose regressive VAT taxation, down the road?

For now, President Obama wants to privatize public housing. That is one interpretation of his Preservation, Enhancement and Transformation of Rental Assistance Act (PETRA). PETRA proposes to convert public housing—on a voluntary basis, it is emphasized—to project-based Section 8. This may be a boon to private multifamily owners and developers. Bankers also stand to benefit under the Act. Think of the immense, publicly owned, housing stock that is at stake.

As they say, some things that President George W. Bush never dared try to do are being completed by his successor, President Obama. In light of the current Gulf oil spill, an example is the president’s earlier proposal to open parts of the U.S. coastline to offshore drilling for the first time ever, as a part of an energy conservation packet. Such is the Audacity, Change and boldness that we can believe in.