Surf City, other communities see opportunities in foreclosed homes
California cities are struggling to find enough affordable housing. And some are seeing the current economic downturn as a golden opportunity. The idea: The city buys foreclosed homes, fixes them up and then uses them for low-income housing. More from the OC Register:
Surf City is the latest in the county to jump into the real estate business, buying up foreclosed homes, fixing them up and selling them to residents who qualify for affordable housing.
Huntington Beach officials joined a growing list of cities statewide when they voted 4-3 Monday to start a foreclosure-purchasing program.
Council members Joe Carchio, Devin Dwyer and Don Hansen voted against the measure.
Hansen said government should not be in the real-estate business and worries about buying homes that they would not be able to sell.
"I'm just very concerned about the housing market right now," he said. "I think private industry can handle it better than government."
Fountain Valley and Lancaster have done the same thing.
Photo: Mark Boster / Los Angeles Times