Word: bill
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Dates: during 1980-1989
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...certainly be motivated by a personal ideology linking freedom with owning a condo, but most other supporters ($56,000 strong, according to the 1988 State Campaign Finance Report) are motivated by profit. Not surprisingly, among the list of financial contributors who helped get this condo bill on the ballot are some of Cambridge's most notorious landlords...
...people most at risk from this bill would be people participating in the Section 8 and 707 subsidy programs. Because landlords benefit from extra government rent payments (and the Housing Authority only subsidizes lowcost apartments) about 80 percent of those subsidized tenants now live in rent-controlled apartments. With a law like 1-2-3, any of these tenants seeking rent-controlled apartments would be left out in the cold. Extra rent payments cannot compete with condo profits...
Unbelievably, this part of the bill claims that condo sales would generate new property tax revenues which could be isolated from other tax revenues and placed in a trust fund for subsidies and rental housing construction. This section contains several misconceptions...
First of all, under current law, all taxes belong to the city treasury. An outside group or bill cannot earmark money for specific funding goals...
...really cranked that thing," Harvard Coach Bill Cleary said. "Holy smokes, that was a tough shot...