California Legislative Leader Wants to Spend $10 Billion to Help Families Buy Homes

[mystery-ak]

California Legislative Leader Wants to Spend $10 Billion to Help Families Buy Homes

The program would provide up to 30% of a home’s purchase price via an interest-free loan in a bid to address the state’s sky-high housing costs

By Christine Mai-Duc
May. 11, 2022 8:00 am ET

A top California lawmaker is proposing to spend $10 billion to help families buy homes in the state with some of America’s highest housing prices.

Democratic State Senate Leader Toni Atkins on Wednesday unveiled details of a proposal she’s pushing to create a revolving fund that would provide interest-free loans for up to 30% of the purchase price of a home for low- and middle-income households.

If implemented, it would be the largest program of its kind in the nation, according to the people who designed it. Proponents hope that it will be included in the state budget that must pass by June 15 and go into effect as soon as January. The aim is for it to eventually help about 8,000 families a year.

The median price for single family homes in California last year was $786,000, according to the California Association of Realtors, more than twice the nationwide average.

The proposal calls for the state government to share in any appreciation in the value of houses it helps purchase when they are sold and then invest those proceeds back into the fund.

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[DefiantMassRINO]

No.  Build more homes.  This plan will accelerate home price increases as more people compete for a stagnant supply of housing.

[roamer_1]

HereWeGoAgain sommore... The lesson under Dubya Boosh remains unlearned.

[roamer_1]

No.  Build more homes.  This plan will accelerate home price increases as more people compete for a stagnant supply of housing.

Pretty hard to build more homes with plywood at 60 bucks a sheet. Two or three years ago, that plywood was 12 bucks a sheet in the winter time.

[dfwgator]

Go ask Ukraine, they have all our money now.

[Kamaji]

No.  Build more homes.  This plan will accelerate home price increases as more people compete for a stagnant supply of housing.

[GtHawk]

Funny, no one was wanting to help me buy a home in California back when I was trying to buy one for my family ant that was when both  interest rates and prices were high. I'm going to go out on limb here and guess that those families this democrap wants taxpayers like me to help aren't of the Vanilla or Green Tea variety. There is no way I would approve of this even if I qualified for the down payment help this friggin socialist is peddling.

And yeah, it'll be Deja Vu all over again with loan defaults and foreclosures. Of course I would then expect him and the other morons like him to insist that taxpayers provide income assistance to help these unqualified never should haves keep their homes.

Somehow seems extremely appropriate.

[Kamaji]

Funny, no one was wanting to help me buy a home in California back when I was trying to buy one for my family ant that was when both  interest rates and prices were high. I'm going to go out on limb here and guess that those families this democrap wants taxpayers like me to help aren't of the Vanilla or Green Tea variety. There is no way I would approve of this even if I qualified for the down payment help this friggin socialist is peddling.

And yeah, it'll be Deja Vu all over again with loan defaults and foreclosures. Of course I would then expect him and the other morons like him to insist that taxpayers provide income assistance to help these unqualified never should haves keep their homes.

Somehow seems extremely appropriate.

Spot on.

[catfish1957]

Just wait until mortage rates hit 8-12% and all these CA homes suddenly become worth 10% what they were pre-bubble. 

Newsome socialism at its best.

[rustynail]

'Spend $10 Billion to Help Families Buy Homes'....That about 200 homes at California prices?

[cato potatoe]

Here's something else the rest of us will subsidize when Sacramento needs a bailout.

[Fishrrman]

catfish wrote:
"Just wait until mortage rates hit 8-12% and all these CA homes suddenly become worth 10% what they were pre-bubble."

Could that be, because the true "value" of those homes was really about 10% of "the market price" ...?

Homes these days are gettin' like tulips.

[PeteS in CA]

Try lifting some of the regs that limit the building of new housing, let supply and demand work its magic.