Billionaires’ tax not even approved yet, and Calif politicians already have a scheme to spend those $$$ on mortgages, instead of healthcare as promise

Photo above - Google claims this is real picture of a California starter house for sale. But I say it isn't. Can you spot the one thing that's a dead giveaway? Even if you can't find it, there are 200 cities in California where the average home price is over $1MM.

Wow . . . that was fast. The billionaires’ tax isn’t even law yet. In fact, polls show it may NEVER be passed. But if it DOES, it’s supposed to produce $25 billion (+\-) in its first full year to help subsidize healthcare for residents – who may or not even be citizens.

Wait – forget that healthcare plan. California’s politicians just pivoted to a new spending/re-election scheme. Throw that $25 billion instead at first time home buyers. This will get renters off the hook for down payments. See Los Angeles Times link at bottom. This is actually a GREAT idea, because renter/citizens are likely to vote in greater numbers than undocumented migrants next week.

Back to the future. The bad old days of no-money down home loans have returned. In California, no less – the nation’s most overpriced, shortest supply housing market. What could go wrong? Not a repeat of 2008’s massive defaults and abandoned homes again, right? I blame legalized marijuana for this sort of memory hole/legislative fiasco.

Here’s a question which politicians up for election in 2026 (and 2028) should be asked by reporters and podcasters: Which is a more appropriate use for billions and billions in new tax dollars? Suspending prudent mortgage rules? Or ensuring that health care is extended to everyone, including those without proof of ID, legal residence, or clean criminal record? How to choose . . . how to choose, right?

My personal opinion – put homeless/renter citizens ahead of migrants flocking to California for minimum wage jobs, free healthcare and food. But that’s just me. I’m sure many advocates and politicians are saying “why can’t we can do both?”

Except they can’t. Politicians aren’t even likely to get the billionaires' tax law passed. A cornucopia of economists are now warning that the billionaires tax will result in LOWER state revenue, due to migration to tax low tax states, and clever accountants. When has a state legislator ever outsmarted a $500,000 a year tax accountant? This is not a trick question, BTW . . .

Both the billionaires’ tax and free mortgage money are giant vote buying ponzi schemes. Whether you simply hate rich people with nice homes, or want free money to jump start your own starter home search, you have every reason to be a single-issue voter this year.

I’m just sayin’ . . .



California Prop. 37: $25 billion down payment assistance explained - Los Angeles Times