
Strikeout – Governor Swings and Misses, Again
Gavin Newsom is lost. He hasn’t a clue how to fix California’s housing problem – something that he promised to do three years ago, when he ran for Governor. And, the crisis gets worse every day.
What Newsom said he would do is to clear the way so that the state would produce about 500,000 housing units per year through 2025. Instead, California reports annual housing starts haven’t exceeded 115,000 in several years.
His budget for next year falls well short of helping, as well. After hearing the plaintive appeals for more money from the many poverty pimps surrounding housing programs the Governor proposes an $8.2 billion for them. (To this a skeptical Legislative Analyst warns that the state ought to be more directly funding the differing strategies of local governments, not state programs.)
The FY 2021-2022 budget also includes – presumably to improve California’s falling rate of homeownership – $3 billion to provide low-interest loans. Doesn’t Newsom know interest rates have never been as low as they are today and we may not need mortgage assistance right now? Doesn’t he know that getting cash for the down payment is the… Read More