To hear it from Tuesday’s rollout of the annual District financial audit, the fate of the city’s $417 million budget surplus is a foregone conclusion: Mayor Vincent C. Gray (D), D.C. Council Chairman Phil Mendelson (D) and council Finance and Revenue Committee Chair Jack Evans (D-Ward 2) all agreed: The full surplus will be saved, not spent.
This is in effect, a subsidy for banksters. They can use DC’s money to loan out to their customers. It is a windfall for them. Meanwhile there are people sleeping on the street because we have no affordable housing.