California is planning another big giveaway. It’s a doozy. The California Legislature — which, as you know, is controlled by a Democrat Super-majority and can do anything they want — was on the verge of passing a law that would give up to $150,000 for first-time homebuyers, but only if the buyers were illegal aliens.
As if California, under the impeccably combed Gavin Newsom, and the lunatic asylum of the Democrats in California’s state legislature could not get more absurd, someone lowers the bar. We see now that the California state legislature’s Democratic supermajority will likely pass a bill that provides a subsidy of up to $150,000 for first-time home buyers.
This sounds stupid enough on its own. This is not only wildly inflationary but will also make Californian homes less affordable. It is an egregious use of taxpayer funds in a state already in financial trouble.
In a delightful irony, it’s only 48 hours later that we find out there is just one problem. There’s simply no money for this.
UPDATE: After the CA Senate advanced bill allowing undocumented immigrants to apply for state’s first-time homebuyer’s program, the CA Department of Finance confirms the program has no money to give.
Lawmakers didn’t appropriate funds for it this year.https://t.co/awIV0mNo8X
— Ashley Zavala (@ZavalaA) August 27, 2024
This one is a strong schadenfreude.
In June, the California Dream for All Program awarded financial assistance up to 20% for first-time homebuyers for their down payment or closing costs. The program ran out funds in its first 11 days of operation this year. This issue was the focus of the Senate debate held on Tuesday.
The legislature and the governor, facing a budget deficit of tens or hundreds of millions, did not allocate any funds to the program for this year. To replenish the funds, the legislature and governor will have to approve additional money in future budgets.
Whoops.
This stupid idea has a major flaw: even if the state legislature would have appropriated money (which they do not; the state’s finances are in ruins), the flow of cash from taxpayers is limited. Even if we ignore the fact that this money will only increase the already astronomically high price of real estate in California, it is still unfair to deny a grant to a Californian. The grant, which would have been given to a Californian couple or veteran may now be awarded to an illegal alien. California’s government has become utterly irrational.
Let’s not forget that the man leading this parade of lunatics has presidential ambitions.
California Democrats have once again demonstrated their economic illiteracy.
