Gone In 60 Seconds: $75 Million
Now, bear in mind that the City is taking in over $700 MILLION more this year than last. Under those circumstances, you might think the last thing the City needs to do is incur further debt. But no, there was some bureaucrat whose name I didn't catch, speaking on behalf of the City issuing $75 million of "G.O. bonds" -- general obligation bonds -- which, according to her, is paid by an assessment on property owners.
Zine asked her how much it would cost per house. She started to give figures for a $350,000 house. Zine interrupted her, "Where in L.A. can you get a house for $350,000?" So they agreed to double her numbers, to provide figures for a $700,000 house. The cost? Two hundred eight dollars per year for . . . how many years? She didn't know.
Nor did she know the total amount per year of all the other the various bonds homeowners are already carrying.
Oh, and how much will the total be, when you include the interest? She didn't know.
No matter. It's only homeowners and other property owners being taxed after all. The Council voted 10-0 (or maybe 11-0) to take out the credit card and leave homeowners with the tab for the $75 million bond. The whole thing took 60 seconds, maybe 120.
Are these City Council Members the same people who say they're going to provide "affordable housing" --politicians who heap one debt after another onto homeowners as a tax that only they pay?
The City Council Members deserve every agonizing second of Zuma Dogg they get.