June 22, 2022

Dear Editor,

This months Atlantic Magazine has an important article on the great increase in wealth of the rich, and the stagnation of the poor. At its root is ownership of assets; stocks, farmland, but most importantly of all, real estate and homes.

Santa Monica is in full-on panic, building every apartment building it can -- both affordable and market rate. This is utterly biased in favor of the rich.

Everyone, no matter how poor, should be allowed to own their own home and grow wealth. The city must stop building apartments -- right now, and build affordable condos instead.

Income deed restrictions will allow even the poorest to own their own homes. These condos should be offered first to city residents, if they wish.

By disenfranchising the poor from ownership, we are condemning their descendants to generations of poverty.

The rich who own the apartment buildings will get ever richer.

Any city that builds affordable buildings will get ever poorer as it must continue to support those tax-free buildings, and their residents will be unable to grow wealth and will remain dependent.

If they had built affordable, deed-restricted condos that pay property taxes, both the poor and the city would prosper.

The current planning and housing policies of Santa Monica are completely broken and doomed to keep on failing the poor and enriching the wealthy. Far from being defenders of the poor, our council is the defender of the rich.

Renters of Santa Monica! stand up! Demand the council stops taking your future wealth and handing it to the rich! Demand deed-restricted, affordable condos for sale, now!

Peter Borresen,
Santa Monica