Agreed—and circumventing public institutions to solve social problems seems...not right (not to mention that the companies giving this money are the same ones who’ve monstrously screwed us over in other ways). How do we get more folks to see that?
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I don’t think CZI came to this decision in that way. I think lots of people within the affordable housing community have asked for help with a fund for many years because the govt has withered away as a reliable partner and funding source over the course of many decades.
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One might call it "paying a tithe" to appease lawmakers and the public from actually adequately passing effective tax reform.
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I think CZI is also very interested in property tax reform, which is good. But this fund is also not altruism.
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reminds me of when I was at Berkeley not too long ago, trying to get into undergrad Haas, and learning about corporate social responsibility in intro (weeder) business class. prof who taught CSR bombarded with examples like this and pointed to them as great societal answers.
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I think that was of a particular moment in time when the rifts weren't so obvious. Social enterprise, CSR, etc. had a moment in the 2000s.
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“It’s just a loan”...ok, so who recoups their investment and how? ...I was waiting for the other shoe to drop on this “think-piece”...it didn’t. That said more to me than the article did.pic.twitter.com/w1gDLyWRcH
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loans are actually fine. You can leverage a $500M fund and turn its reach into a multiple of that, so you can finance more units. You can also keep re-deploying the fund once the initial loan is paid back.
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Are not our new overlords benevolent?
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Noblesse oblige?
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