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Time for Super-Banks in Miami-Dade County: A profitable alternative to property taxes

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Message Farid Khavari

Lower property values generate lower revenue. Raising property taxes will not improve values. Rising property values make home-ownership unaffordable. Layoffs just trade payroll dollars for increased social costs, so we get more distressed homes, even lower values, and more unemployment. Just as adding one good job eventually creates four more, cutting one good job leads to the loss of four more, and the cycle continues.

We can create more good jobs, and reverse the downward spiral, increase values, and raise revenues the right way. Trying to create jobs by "stimulus" funds and giveaways always fails, because you can't solve a demand-side issue from the supply side.

The solution to job creation and starting an upward spiral is to organize demand for products and services that reduce long-term costs for the customers, such as solar energy systems, solar homes, hurricane-proofing homes to reduce energy and insurance costs, and SuperClinics to improve health care quality while slashing costs. This could create tens of thousands of good middle class jobs in Miami-Dade over the next two years--jobs that will enable people to buy distressed homes, and create more good jobs.

It is time for a publicly-owned SuperBank in Miami-Dade County. It can be started at no net cost to taxpayers. It could provide 2%/15-year mortgages that would clear the inventory of distressed properties and create employment like we have never seen before. It could provide cheap financing for wealth-creating products and services (those which save many times their cost). It could pay 5% on CDs and make all the money it needs by issuing 6% credit cards. It would even be a huge benefit for our local commercial banks. The county could earn $100-200 million per year by saving residents money.

I have written and spoken on this subject since 2009.

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Farid A. Khavari, Ph.D., is a noted economist and independent candidate for Florida governor in 2014. He is the author of 10 books including Environomics: the Economics of Environmentally Safe Prosperity (1993) and Toward a Zero Cost Economy (more...)

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