Have you been following FOX following the marina money?
22 Nov 2009
Tonight was part four of the series, with interviews with several members of Council and Larry Dillin. If you missed tonight and the previous episodes? they are online.
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“It’s tough to imagine what happens in places like New York so drastically affects us here in Northwest Ohio, but that’s what happened. Private money for big ticket items like the Marina District starting drying up.”
That’s just denial. We had a national housing bubble since we had a national banking market, combined with a national media that spread the sick germ of GREED. Housing and other property in Toledo became remarkably overpriced with respect to what local incomes could support. In other words, how long did you think that the average price of a house would rise when factories were fleeing the area? Without income, you cannot honor such a mortgage, and you certainly can’t save enough money to buy it for cash.
So here we are, in the exact same place that we had to be, if you were ever honest with yourself about what was happening with crazy speculation on housing. I knew for sure that something terrible was brewing in 2000, when in my search for a house to rent, one management company kept correcting me when I kept saying “the landlord”. They insisted stiffly that he was THE INVESTOR … like I was some sort of local yokel who didn’t understand the basic relationship there.
The Marina District must fail, and fail spectacularly. The “road to nowhere” on the east side of the river will continue to lead nowhere. There’s no sane investment money in the pipeline for such a lousy venture. Anything spent on the East Side for any development is just going to be wasted money. Incomes in the area, in Toledo, and in Lucas County in general, will continue to fall. In addition, Toledo’s merciless and frankly criminal politicians will try to greatly increase the taxes and fees that the population has to pay … which further decreases each Toledoan’s discretionary income. Consumerism in this area MUST COLLAPSE. So retail investments are a guaranteed loser.
November 25th, 2009 at 3:26 pm