LA's Biggest Developers Who Backed Trump Are Copying Tactics
Measure S demands that Los Angeles officials put a stop to Trumpian developers from using Trump style tactics to evict low-income renters -- and then claim that there is a housing shortage for low-income renters. These tactics are tantamount to Trump’s desire to deport undocumented workers.
According to LA Weekly's Dennis Romero, some of L.A.’s major developers are President Donald Trump’s biggest financial backers.
Included in this bevy of Trump backers is Thomas Barrack, the LA-based CEO of the investment firm Colony NorthStar, who launched a Super PAC for Trump and chaired his inauguration committee.
Other Trump backers include, Geoffrey Palmer, the infamous Black-Lung Loft developer and Steve Mnuchin, one-time LA hedge fund financier who was Trump’s national finance chair, and now Trump’s nominee to head the Treasury Department.
In the LA Weekly article, a statement by the Alliance of Californians for Community Empowerment (ACCE), which seeks to improve the lives of low-income and immigrant communities, said Barrack’s "Colony is now one of California’s largest landlords, getting rich by buying foreclosed homes at a discount and then extracting as much rent out of them -- with as low a maintenance cost as possible."
These tactics are virtually the same as Trump’s wish to deport undocumented workers.
If city officials don’t stop Barrack’s ruthless and unfair eviction practices of low-income tenants, they are essentially supporting Trump’s tactics and allowing developers to take advantage of those who have little or no protection from these Trumpian cronies such as Barrack.
The LA Weekly article cited a report by Hedge Clippers, a group critical of hedge funds and billionaires, that said Barrack’s Colony NorthStar gobbled up thousands of homes during the Great Recession's real estate crisis. Hedge Clipper’s report closely analyzed the business deals of Mnuchin, Barrack, and Black Lung Loft developer Palmer, and concluded three things:
• Their predatory practices destabilize communities;
• Their predatory practices are systematic;
• Their predatory practices are far-reaching.
Trump has bragged that the system has allowed him to get around the rules as a developer. His friends have learned well.
In light of these ghastly eviction practices by these developers, Measure S, for the third time in the past two weeks, is demanding that our City leaders immediately:
1. Name a single important city planning practice that differs from Trump's own actions as a developer in employing any and every loophole including conducting secret backroom deals to get their pet projects approved;
2. Return now any money they have taken from Trump or any of his business associates.
These practices must stop.
Vote Yes on S on March 7.