[bobthepanda]

Most states and localities cannot borrow anywhere near as much before testing the markets. (For a non-state example of how horribly that can turn out, look at Puerto Rico.)

[landemva]

Puerto Rico is mis-managed in budget, revenue, and planning. Also, not a USA State.

Some USA ski towns have tens of millions banked and are using that to build.

Am interested in learning why you think USA feds can do these local housing projects. Feds run massive fiscal deficits.