Tom Rawles
“There’s no empirical evidence of declining property values (due to payday loan stores)… There’s no empirical evidence that clustering will force other businesses to flee. So why is everyone upset?”
Mesa City Councilman Tom Rawles explains why he voted against an ordinance that would have prohibited new payday lenders from building within 1,200 feet of existing loan shops…
Rawles said that payday loan shops are legal businesses and that the government does not have the right to micromanage the marketplace.
Rawles also said:
“Spreading them out isn’t going to solve their predatory practices… And I’m worried about the unintended consequences of limiting competition. Interest rates could go even higher.”
Tom Rawles is a city council member in Mesa, Arizona.
Source: Effort to Halt Spread of Payday Loan Stores Fails by Mike Cronin (The Arizona Republic)
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