On that subject, the Winston-Salem Journal shows us what happens when government gets involved in housing:
The Housing Authority of Winston-Salem is hoping to finally untangle one of its properties from years of controversy and federal oversight.
It plans to pay off $10,500 in federal loans on a tract of land known as Lansing Ridge. Larry Woods, the housing authority’s chief executive, said that the payment will mark the last of the property’s ties to the federal government and, hopefully, the beginning of a new effort to sell the land.
…..The housing authority was never able to build houses on the land because federal housing officials would not give money to the project. The government said that the housing authority had not disclosed a conflict of interest when it bought the land.
East Pointe Developers LLC bought 23 lots in the Lansing Ridge subdivision for $285,000 and sold it to the housing authority’s nonprofit wing for $414,000 — a 45 percent return. Ernie Pitt, who was the housing authority’s chairman at the time, also was a principal member of East Pointe Developers.
Here’s another question: Even if federal oversight of Lansing Ridge ceases to exist, how many private developers will want to deal with the Winston-Salem Housing Authority? My guess is not too many. Maybe I’m wrong.