Programs like this wouldn’t even exist if there wasn’t massive demand for them, and that demand comes from regular people being priced out of the California housing market. That didn’t happen by accident. Big real estate investment firms and corporate landlords have been buying up properties in bulk, driving up prices and shrinking the pool of homes available to first-time buyers. The state is stepping in because without help, a huge chunk of Californians, regardless of immigration status, simply can’t compete with Wall Street-backed cash offers. Stagnant wages and high interest rates are both big parts of the equation as well. All private sector hands btw.
If you think programs like this are ridiculous, the answer isn’t just to complain about them, it’s to fix the broken housing market so people can actually afford homes without government stepping in.
I agree that the government shouldn’t play in the private sector, but bruh, the private sector’s been doing such a craptastic job that they’ve practically invited the government to get involved.
When private sector actions harm the public or the economy, the main formal channel for recourse is through government, whether that’s legislation, regulation, or enforcement. Democracy, duh! ¯\_(ツ)_/¯
Anyway, at least it’s not a free handout. The state gets its money back plus a cut of appreciation, so the funds can recycle into helping the next buyer. It can actually grow the program
if the market stays strong. Downside is if housing prices drop or defaults & foreclosures get out of control the state can lose big time.