California legislators want to help you buy a house with down payment, 'shared equity' | June 17, 2022 | Palo Alto Weekly | Palo Alto Online |

Palo Alto Weekly

News - June 17, 2022

California legislators want to help you buy a house with down payment, 'shared equity'

Lawmakers are proposing creating a billion-dollar fund in this year's state budget

by Alejandro Lazo / CalMatters

First-time buyers often rely on family gifts to afford the down payments on their homes. Now California Legislators want the government to fill the role of generous relative.

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Email Alejandro Lazo at [email protected]


Posted by TR
a resident of Menlo Park
on Jun 16, 2022 at 10:49 am

TR is a registered user.

This is a terrific idea. Yes, it does come with some risk of further inflating pricing. But I doubt the scale will allow that to be too severe before it will be re-evaluated.

BUT, why are they even considering debt financing with a bond for this? The point was we have 97 BILLION in surplus this year. Putting a few BILLION into a fund like this is the perfect kind of long-term, one off (for the billions not the ongoing ops expenses) thing one should do with a surplus in a good year. Are our representatives really so debt-addicted that they can't understand that a bond measure is not required to fund everything?

Posted by Anonymous
a resident of Duveneck/St. Francis
on Jun 16, 2022 at 3:25 pm

Anonymous is a registered user.

Oh great. Another way to burden us already over-burdened CA taxpayers. Another bureaucracy. Another way to misuse taxpayer funds with no apology.
See: EDD debacle (nobody held accountable) wherein thousands of incarcerated state criminals received unemployment payments (inaccurately, of course!)
How about we DON’T expand this state’s bloated government bureaucracy??

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