Home prices too high? Not sure if you’ll ever get to buy a home? Well, stop trying to do things the right way. Just be a criminal. In fact, not only will the government make getting a home easier, they’ll even take taxpayer money and give it to you to help pay for it.
Cheekiness aside, I’m talking about Assembly Bill 1840 in California. The bill just passed the Senate and awaits approval in the house, which is likely to happen given that California’s state legislature is Democrat controlled. Governor Gavin Newsom hasn’t indicated whether he will sign the bill, but I think we all know that chances of him approving it are higher than him vetoing it.
If you think California couldn't get any nuttier, then buckle up buttercup.
This bill would take that California Dream for All program and expand it. What is this? Well, it was launched last year and is devised as a down payment assistance program for first-time homebuyers. It can be used in conjunction with the Dream For All Conventional first mortgage for down payment and/or closing costs. The homebuyer doesn’t have to repay the original down payment until the house is sold or transferred. At that point, they will have to repay the original amount plus a share of the appreciation in the value of the home.
So what’s so wrong with this bill? This isn’t for you and me - it’s for illegal immigrants who want to buy a home in California. It would take that statewide program for down payment assistance and expand it to include illegal immigrants - to help provide them with a down payment.
Democrats are tooting the bill’s horn as promoting equality by helping provide opportunities to illegal immigrants that Americans have. Don’t you like how “equality” always comes with a price tag for American citizens?
REFERENCES:
https://www.calhfa.ca.gov/dream/
https://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=202320240AB1840
