Jarred Simmons: Didn’t Merced learn anything from foreclosure crisis?

During the foreclosure crisis there were lessons to be learned. Those lessons should have included the foreclosure crisis being repeated, but that lesson was not learned by the Merced Planning Commission. So it’s nice to see the recent approval of 243 new affordable homes by City of Merced Planning Commission.

It’s equally reassuring that after the community suffered eight years of stagnate housing growth from the foreclosure crisis, the real estate lobby is able to pick right back up after 2008 and move forward with their marketing efforts. Congratulations.

No doubt, many are betting the city council will take the bait, pass the project with great short-term economic fanfair, and little, if any safeguards that the new affordable homes in north Merced will soon be available to be snapped up by the next wave of out-of-area investors. That will increase the city’s rental inventory and contribute to the perceived image that we are a commuter-only town that has no pride.

This story was originally published March 31, 2016 at 11:55 AM with the headline "Jarred Simmons: Didn’t Merced learn anything from foreclosure crisis?."