Sixteen years ago, Mexico embarked on a monumental campaign to elevate living standards for its working-class masses.
The government teamed with private developers to launch the largest residential construction boom in Latin American history. Global investors — the World Bank, big foundations, Wall Street firms — poured billions of dollars into the effort.
Vast housing tracts sprang up across cow pastures, farms and old haciendas. From 2001 to 2012, an estimated 20 million people — one-sixth of Mexico’s population — left cities, shantytowns and rural ranchos for the promise of a better life.
The program has devolved into a slow-motion social and financial catastrophe
It is believed to be the largest fraud in Mexican history.
Sunday, November 26, 2017
"Mexico promised affordable housing for all. Instead it created many rapidly decaying slums"