Editorial: SF's foreclosure crisis--the city shouldn't put another penny in banks that are destroying San Francisco
Here's a great issue for the San Francisco mayor's race: The big banks that the city uses to hold nearly half a billion in cash deposits are part of a group of financial institutions that are costing the taxpayers $115 million.
That's the amount the city will wind up paying to cover the lost property taxes and other costs associated with home foreclosures, according to a new report. And the authors of the report, the Community Reinvestment Coalition and the Alliance of Californians for Community Empowerment, estimate that San Francisco homeowners are going to lose a total of $6.9 billion in value because of the foreclosure crisis.
The Bay Area Week of Action will be September 26 to 29th. The mobilization will be on September 29 meeting at 555 California St. San Francisco, CA at 3:30. Click here to sign up on the facebook page