Why would investors feel more comfortable dealing with the city or county governments instead of dealing with homeowners directly? What economic value does the municipality perform?
The hands-off approach by the local governments in the past to allow the unregulated and unscrupulous private sector financial institutions to come in to their local communities, make a mess, take the profit and leave had contributed to our mortgage mess in many cities and counties. The property value and utility taxes are the lifeline that the city and county finances rely on. It is left for the city and county governments to urgently fix these problems now before the problems deteriorate further. The government’s role in a capitalism society is usually to create rules and promote economic prosperity based on those rules. Free market means that playing the fair game within those rules then the prosperity will come. That is exactly what we are asking the municipalities to do now, so that the free market investors will come in, out of their own will, to rescue the local city and county economy if they think that these city and county overnments are willing to make the proactive efforts
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