Sunday, January 11, 2009

Olympic Village Boondoggle: Taxpayers Paid For My Condo!


The best, most rational, speculation-free take I've read so far on the 'Boondoggle that Even The Hedge Funds Won't Build Now' is by "condohype".

Here's just a sample:

"I’m not one for predictions but I’ll say that Millennium Water, if completed, will sell for more than $0 a square foot. So as long as one unit is sold we won’t lose all the money. Still, we will lose and it will hurt. The city is obligated to build and the money it will take is money we don’t have. The cash will be borrowed with interest accruing from day one....."

Read it (all).

And try not to weep.



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