Fat Cats use Bailout Money Opposing Amendment 4
By Lesley Blackner, co-author of Amendment #4 and President of Florida Hometown Democracy
Nearly $2 million of the $5 million raised by the opponents of Florida Hometown Democracy Amendment 4 since April comes from Wall Street's biggest construction corporations --- corporations that recently received billions in federal bailout money. Another $2.5 million funneled to the Political Committee opposing Amendment 4 during the past four months came from a who's who of lobbying groups that represent the over-builders/speculators.
These publicly traded construction companies engaged in reckless speculation, over-built many communities, and crashed Florida's economy. Yet they received huge taxpayer bailouts this year and are now using them to try to deny Floridians the right to vote by funding the opposition to Florida Hometown Democracy Amendment 4.
Here's a breakdown of recent contributions from the Bailed-Out "Bubble Builders" to Amendment 4's opponent:
| 2010 Contribution |
Recent contribution |
2010 Bailout |
| Lennar Homes FL |
$367,000 |
$251.1 million |
| Meritage Homes |
$34,000 |
$93 million |
| M.D.C. Holdings |
$39,000 |
$142.6 million |
| Standard Pacific of Tampa |
$132,000 |
$103 million |
| Pulte Homes |
$567,000 |
$800 million |
| Ryland Homes |
$135,000 |
$97.6 million |
| KB Homes |
$255,000 |
$191.7 million |
| K. Hovnanian Companies |
$96,000 |
$250 to $275 million |
| Beazer Homes |
$75,000 |
$101 million |
| M/I Homes |
$73,000 |
$31 million |
| Toll Brothers |
$43,000 |
$78.8 million |
| Source: Citizens for Lower Taxes & A Stronger Economy PAC, Fla. Division of Elections - Searched by "Contributions" and "Amount" 4/1/2010-7/16/2010) | ||
Recent media reports reveal numerous consumer complaints throughout Florida associated with poor construction practices by the "bubble bailout builders" -- broken promises to homeowners, aggressive use of subprime mortgages, encouragement of "flipping" and reckless over-building during the recent bubble. What was the result? The "bubble builders" got a $33 billion bailout tucked inside the Worker, Homeownership and Business Assistance Act of 2009.
Alan Farago, a longtime Miami activist, led an effort to stop a new Lennar built city planned for Everglades's wetlands. He remarked, "The housing bubble that burst, has Lennar's name all over it. In Florida City, the company employed the sister of a county commissioner as lobbyist whose other sibling was Florida City mayor. Only the housing crash stopped Lennar from moving the Urban Development Boundary into Everglades's wetlands. They needed exactly the land use change that Amendment 4 would give to voters to decide and not the rubber stampers, who stamped our state straight into the worst economic crisis since the Great Depression."
Privately held real estate companies are not required to publicly disclose their bailouts, and a number of these builders also donated to the opposition to Amendment 4. For example, GL Homes, a huge but private Florida developer, donated $50,000 this year to try to defeat Hometown Democracy.
"Florida voters need to know that the very companies that drove Florida over the cliff and wrecked our economy with crazy over-building got immense bail outs," said Lesley Blackner, president of Florida Hometown Democracy, the sponsor of Amendment 4 on the statewide ballot Nov. 2. "Amendment 4 will give Florida voters the right to decide whether their local comprehensive land use plan should be changed. These corporations want to deprive Florida voters of having accountability over their dealings."
"Florida voters are stuck with higher taxes and declining quality of life because of the crazy, ill-planned, reckless overbuilding endlessly rubberstamped by politicians for these over-developers. We deserve a vote before we must pay for the services and infrastructure for even more development. Amendment 4 recognizes that major changes to our comprehensive master plans are just too important to leave solely to the developers and their lobbyists."
The bubble builders lobbying groups that kicked in $2.5 million include The Broward Workshop ($260,000), Floridians for Smarter Growth ($488,000), the Florida Chamber of Commerce ($240,000) and the Florida Association of Realtors ($1 million.)
Since 2007, the over-builders/speculators have raised over $10 million to defeat Florida Hometown Democracy Amendment 4. Here's the breakdown:
| Citizens for Lower Taxes and a Stronger Economy | $5.9 m total |
| Floridians for Smarter Growth | $4.6 m total (donated $488,000 to Lower Taxes PAC) |
| Save Our Constitution | $421,000 |
| TOTAL | $10.4 m |
"Our opposition is comprised of those who crashed Florida's economy with speculation and over-building and the politicians who serve them. The group fronting for the bailed out bubble-builders will say anything to preserve a broken, corrupt status quo. They are running a campaign based on fear tactics and outright lies. I urge my fellow voters to consider the source of the opposition's huge media campaign war chest this fall when the barrage of lies hits the air waves."
(Video presentations: http://floridahometowndemocracy.com/media-center)
For source documents and more information, contact Lesley
Blackner at 61-659-5754 or LBlackner@aol.com
Pd. Pol. Adv. By FloridaHometownDemocracy, Inc. PAC, P.O. Box
636, New Smyrna Beach, FL. 32170