South City public housing could lead to bankruptcy

It seems that one individual, James Coleman, is trying to convince his colleagues to volunteer South San Francisco, and by extension its taxpaying residents, as a social experiment to “lead on affordable housing by pioneering a new concept in the Bay Area.”

Problem is, with his grandiose plans, he is saddling resident taxpayers with the financial liabilities that will be part and parcel with this publicly owned housing. He has suggested that these housing projects will be revenue neutral or even turn a profit but in truth this is pure speculation with no foundation in reality. Additional taxes are not out of the question and any funding miscalculation could be disastrous. While providing affordable housing is a meritorious endeavor, to do so while spending money that is not yours, even if it did exist, is irresponsible if not reckless. I believe that Mr. Coleman’s colleagues are well aware of this fact and that is why they are “pumping the brakes” on this ballot measure.

As it appears funding speculation is acceptable when it comes to affordable public housing projects, I’d like to add my own speculation. Should South San Francisco’s city government continue to spend like a “drunken sailor,” they will spend the city into bankruptcy.

Cory David

South San Francisco