Should Cities Buy Foreclosed Homes?

This poll at the OC Register caught my attention: Should Surf City Buy and Sell Foreclosed Homes? Surf City is Huntington Beach, CA and apparently the city council votes tomorrow on a program to buy foreclosed homes and then sell them as affordable housing to residents. You can stop on by and register your opinion on their poll. Personally this will have little impact on the overall housing crisis, cities do not have deep enough coffers to buy up all the distressed housing. But affordable housing is an ongoing problem in Los Angeles, so this could benefit individuals and families who have been priced out of ownership. The city's main concern is removing the blight of abandoned homes and the associated cost to the city. What do you think, good idea or not?