Doesn’t sound like a good idea to me with many unintended and unthought of consequences? Also, who actually pays for it?
California could get in the business of helping first-time home buyers make down payments under a new proposal that aims to lower barriers to ownership in an era of sky-high housing costs.
A coalition of seven Democratic senators formally announced the “California Dream for All” program last week as part of a larger budget proposal they want Gov. Gavin Newsom to consider.
The state would serve as a “silent partner” to first-time owners, in exchange for up to 45% ownership of a house. By their calculation, that means someone eyeing a $400,000 home could buy it for “a more affordable price” of $220,000, with the state picking up the other $180,000.