Jan 26, 2009
On January 15, more than 700 people lined up for hours in Los Angeles to get 240 lottery tickets – not for some big jackpot, but for 58 subsidized apartments.
The apartments are not even cheap. The rent will cost up to $1,023 for a two-bedroom. But for the people in line and their families, even that is better than what they have now: small, decrepit apartments whose rent they can’t afford.
House prices are going down in California, but rent and mortgages have not, because interest rates are still high.
This is how capitalism works. The big banks and real estate interests try to protect and increase their profits, by making the workers and poor live worse – and pay more for it.