The analogue world of trades unions writes off SIBs on the back of the Rikers bond, demonstrating their traditional contempt for the future while Marc Joffe contributes a useful missive about PFS bonds…
First U.S. Social Impact Bond Fails
The National Union of Public and General Employees (NUPGE) Canada
“The failure of the Rikers Island project shows Social Impact Bonds and other pay-for-success schemes are fundamentally flawed,” said James Clancy, NUPGE National President.
Social Impact Bonds: A Better Way To Combat Blight (subscription)
Marc Joffe – Tabb Forum
Like many less affluent cities, Richmond, California, has been dealing with a rash of blighted properties since the real estate meltdown. Although market prices in many areas have returned to their post-crash highs, some homes remain either abandoned or very poorly maintained by owners unable to meet mortgage payments – and thus facing foreclosure. After an unsuccessful attempt to deal with the problem through eminent domain, the city is now turning to social impact bonds to rehabilitate these homes.