California Doing California Things

[TSwizzle]

Another hair-brained scheme from the numbskulls that run California;

A California bill that would allow undocumented immigrants to qualify for first-time homebuying loans continues to progress in the state Legislature. The bill, formally known as AB 1840, would expand the eligibility requirement for the state’s first-time homebuyer loan program, the California Dream For All Shared Appreciation program, to allow undocumented immigrants who live in the state to use it. Most recently, AB1840 passed the Senate Appropriations Committee last week and now faces a floor vote in the Senate. The bill has already passed the Assembly. The program, which was launched in 2023, provides up to 20% for down payment or closing costs, not to exceed $150,000. The homebuyer would have to repay the original down payment loan, plus a share of the home's increase value upon selling the property.

News

Setting aside the "undocumented immigrants" part of it, what the actual fuck are government doing getting into the real estate business? What a convoluted piece of nonsense. The state is financially broke and still comes up with new ways to give money away that they don't have.

 

[Elixir]

what the actual fuck are government doing getting into the real estate business?

They've been in the business for decades or centuries. They are a fairly major player. In fact the fed OWNS - outright! - about 28% of all the real estate in America*. State governments own about 9%. CA owns 45,493,133 acres of real estate.


*(Certainly not that high a percentage in Santa Monica; the feds might have an office space here or there, but they probably mostly rent.)