Mexico–In 2017, The Los Angeles Times published in-depth coverage about a housing project in Mexico that left millions without running water, garbage removal or electricity. This social and financial catastrophe has caused many to abandon the homes they once saw as a way of upward mobility. For those who took out loans for the investment, they find themselves unable to pay off their debts due to interest rates.
“The government was working with developers to build massive housing complexes for poor and working-class families outside every major city. With billions in government funds flowing into the housing market, builders stood to reap a bonanza.
Zell, a Chicago real estate billionaire, spotted a prospect in 2002 in the northern state of Sinaloa — a small construction company called Homex owned by four brothers of the De Nicolas family,” (The Los Angeles Times).
Correspondent Mike Kirsch recently toured one of these areas in the northern Mexican state of Baja California.