“Trump is wealthy today because of government housing subsidies. While still a young man, he inherited his father Fred’s real-estate empire, worth tens of millions of dollars. The senior Trump made his fortune by building middle-class housing financed by the Federal Housing Administration (FHA). In the 1930s, Fred Trump built single-family homes for middle class families in Queens and Brooklyn, using mortgage subsidies from the newly created FHA in order to obtain construction loans. After his real-estate business fell on hard times, he revived his firm during World War II by constructing FHA-backed housing for U.S. naval personnel near major shipyards along the East Coast. After the war, he continued to rely on FHA financing to construct apartment buildings in New York’s outer boroughs.”
Worth a read.
