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By Morrie Itzkowitz
April 23, 2010 (Poway)--It’s un-American; it’s financial rape; it’s against State Law – the City is planning to sell the land under our homes to a Chicago firm Hometown America – instead of the Homeowners.
In addition to the above, I must shout “Voter Beware!” – Corruption, ineptness, and mismanagement, from the elected positions down through the city employee level, abound in the City Government of Poway. Millions of dollars have gone to strange places. Honesty, integrity, and true representation of the voter are definitely lacking by those elected – including some of those at the State level.
As a Homeowner in Poway Royal Mobile Home Park since 1997, and a 2-term Past President of the Homeowner’s Association (HOA), some of the things (documented) I have seen and experienced are the following:
1) The Granddaddy of Subprime Loans/Bonds where, among other improprieties, the City Council approved:
a) Excess purchase price in the millions of dollars. Where did the money go?
b) A $2,395,192 shortfall of payments.
c) Bond council notifying the Redevelopment Manager that the Bonds are not in compliance with IRS rules – tip of the iceberg.
d) AAA rating by Moody’s and Standard & Poor’s when it is only the Homeowner’s leases that back the Bond – hardly a Sears or Wal-Mart deal!
2) $289,000 paid to remodel swimming pools vs. $17,000 for same work elsewhere.
3) $750,000 going to Wakeland Housing? Who’s buying off whom??
4) City raising rents over 100%!! How is that helping Affordable Housing?
5) Many laws support the total ownership of Home and Land. That is why the Residents went to their local City Representatives in 1990 to solve the problem of Housing Cost Increase. Contrary to the spirit and the letter of the law, the City has kept ownership for 20 years – 19 years longer than the law allows.
6) Because of the City denying a legislative-supported purchase by the Homeowners of Poway Royal, per various laws, the following is forced upon the Homeowner:
a) Only predatory lending is available, i.e., 10%-10 yrs. vs. 5%-30 yrs.
►On a $100,000 loan, that means $819 extra in payments every month!!
b) Even with the home paid for – the Housing Cost went from $400/mo. to $874/mo.
c) Even in an up market, the value of our homes declines because of land cost increase and the mismanagement and housing cost imposed by the City.
7) The City must sell to Homeowners – no bidders or middlemen. The law so states, and the Attorney General of California has issued an Opinion in agreement.
Poway voters, as a homeowner in Poway Royal, I am airing this laundry for your benefit. It is time that the people of Poway know what is really going on with the people in City Hall. I have found that most people do not know the truth about our City.
We don’t want, nor need, City or any other ownership of our land under our homes. This is not a property rights issue – that was solved 20 years ago.
What we want, what we pray for, which is supported by the State, is to have our elected representatives, local, and State, REPRESENT THE VOTER/TAXPAYER.
We are working with State Representatives to enlist the help of the Attorney General of California (already issued a supporting Opinion) to bring this sale to a halt. Shouldn’t we all enjoy “retiring in place, retiring in peace?”
This editorial reflects the views of its author and does not necessarily reflect the views of East County Magazine. To submit an editorial for consideration contact editor@eastcountymagazine.org.
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