A Curious Concurrence of Interests?

May 16th, 2008 by Matt DiChiara| Posted in Political Corner | No Comments »

The front page of this morning’s Wall Street Journal hosts an article about a political battle over how the government should address the collapse of the subprime mortgage market. The article, “Mortgage Bailout Infuriates Tenants (And Steve Forbes),” focuses on identifying the sponsors of AngryRenter.com, a site designed to mobilize renters against a federal bailout for lenders and homeowners who have been affected by the rampant foreclosures.

The article refers to AngryRenter.com as an ‘AstroTurf’ political movement. A play on the political term ‘grass-roots’ which refers to the organic, bottom-up organizing brand of political action, an AstroTurf movement seeks to reap the benefits from being perceived as a grass-roots campaign, but is created or backed by Washington power brokers.

AngryRenter.com is indeed a project of FreedomWorks, “a grassroots advocacy organization founded in 1984 to fight for lower taxes, less government, and more freedom,” led by former House Majority leader Dick Armey and publishing magnate Steve Forbes.

Does the fact that these wealthy homeowners AngryRenter.com delegitimize the sites efforts to mobilize renters against a federal bailout for lenders and homeowners?

Rich Toscano, who was quoted in the article as a renter and creator of Professor Piggington’s Econo-Almanac for the Landed Poor, feels the importance of the message is of greater importance than who started the movement.

Indeed, it seems that getting people informed and involved in political action, especially when it is often very difficult for citizens to be aware of what goes on in Washington, is a noble cause, regardless of sponsor.

Though the origin and backers of AngryRenter.com surely play a significant role, shouldn’t the Wall Street Journal also find it expedient to provide summaries and implications of H.R. 5830 and S. 2636, the bills in question?

What do you think?

Are Steve Forbes and the folks at FreedomWorks legitimate advocates for renters and renting issues? Are there more truly grass-roots renters-rights groups that we should know about and highlight?

For more information on federal legislation pertaining to housing market and the multifamily industry, be sure to check out our Apartment Rental News Weekly Roundups.