Monday, October 08, 2007

Higher Taxes Equals Affordable Housing

I swear, there must be something in the water up in Sacramento. Da Governator just signed on Friday AB 929:

SECTION 1. Section 51350 of the Health and Safety Code is amended
to read:
51350. (a) The agency may, from time to time, issue its bonds in
the principal amount that the agency determines necessary to provide
sufficient funds for financing housing developments and other
residential structures, the payment of interest on bonds of the
agency, the establishment of reserves to secure the bonds, the
payment of other expenditures of the agency incident to, and
necessary or convenient to, issuance of the bonds, and for the other
purposes provided by Sections 51065.5 and 51365.

So what "Health & Safety" issue is being addressed with $2,000,000,000 in bonded debt? Affordable housing. Got that? More money chasing the existing stock of housing is going to make it cheaper to own a house in California. Not that this is a new idea. The California Housing Finance Agency has been around since 1975? How's that worked out?


Northern Renter said...

First and Murst! Chew on that, FMW. Oh, and happy Thanksgiving (Canadian) to you all.


Rob Dawg said...

Columbus Day works for me. All the attempts at revisionist history amuse me and Columbus' story must be the most revised in history. Flat Earth, never set foot on the Americas, sent home in chains, politicking. Great theater.

Santa Flipper Clause said...

Ho Ho Ho - It's Santa Flipper Clause

The government thinks it is going to solve housing problems by throwing borrowed money at them.

Santa F. Clause

Sac RE Agent said...

would you rather have a bridge to nowhere in Alaska? throwing money at actors has always worked in california. there's no need to change now.

Unknown said...

It doesnt make sense until you translate from 'govonics' into english (make opposite)

So change 'Affordable Housing Initiative' to 'Unnaffordable Housing Initiate' and it makes sense. Then it 'clicks' oh yes give money to poor people for loans and down payments to further push up housing prices. YES!! And with tax payer debt, peerrrfect.

The very next bill he signs will be to preserve unused land 'forever' to even further push up housing. (using debt bonds to buy unused land so it can sit forever unused) thus FURTHER pushing up housing. win win!

CHJTS said...


I have been in contact with casey via email today and what he revealed made my jaw drop.

I cant believe on any planet that he would do it.

He has agreed to appear on the next wont be today like I said because I have other things going on and casey is in the process of traveling anyway.

TK said...

Apologies for not being topical.

Casey is going to help "hundreds of thousands of people" pay off their debt? Are they the new lobby for for the mortgage industry who are going to Washington to beg borrow and steal for a bailout?

No...he's writing a book. Unless this book is going to be on the NY Times Bestseller's list for the next year, it ain't going to help a soul. And from what it sounds like, his partner may be more fucked than he. Happy Canadian Thanksgiving all.

TK said...

Casey has just announced that he IS now going on Dr. Phil after all.

Unknown said...

I sure hope he goes on Phil.

I think I share Rob's desire to have Serin get publicity so that the public opinion can be changed from Real Estate=Wealth to RE=disaster ruin your life.

also maybe the feds will have him spend 40 minutes in jail like a hollywood celebrity might. (who knows, i can dream right?)

all i want is to live in an affordable home. why is this so impossible...

TK said...


I have decided to buy a business instead of a house. While this market cycles downward I intend to grow this business and perhaps 10 years from now I will be well able to purchase the home of my dreams (I will also not have been "priced out" like the realtors threatened two years ago).

Unknown said...

im renting a room until prices come down.( 3 years?)

FlyingMonkeyWarrior said...

@ NR,
RE First and Murst! Chew on that, FMW. Oh, and happy Thanksgiving (Canadian) to you all.


It's on!!!!

ah, I work to much to to be first and murst EVERY time. You made me laugh again though.

Happy Thanksgiving.

Sac RE Agent said...

maybe Casey can get on Jerry Springer too. get in a fight with Galina. that would be sweeeeettt!

Unknown said...

yes Springer for sure!

Casey mis managed his 'celebrity' status so horribly I still cant believe it. Somehow with 2 million foreclosures or whatever there has to SOMEONE who can blog about it in a way to maintain interest and maximize thier traffic? i suppose that might not be interesting. he was interesting BECAUSE he did virtually everything wrong. Even now he wont give up on his marriage and move on.

He has no self respect, he should divorce her and marry some other c**t. I think this is the 'magic' of serin= Always doing the exact wrong thing. always.

Pleather Murse said...

Columbus Day? Psshaw! Here in the Peoples Republic of L.A. it's Indigenous Resistance Day. Fight the oppressive, white privilege, hetero-militaristic phallocentric exploiters of the indigenous, the indigent, GLBT and differently gendered workers everywhere.

Just kidding. Most of these freaks are as allergic to "work" as they are to soap.

JohnDiddler said...

i don't want to pay a lot for yardwork, chief. oh, but there's no big money in affordable housing! my own city has a lot of efficiently-run low-income facilities. i bet you do your own yardwork. suit yourself, ayn rand.

Lou Minatti said...

Dawg's about to see another big traffic spike.

Getting back to the topic, I am not sure how $2 billion can prop up the California bubble. Isn't that like a bailout for small town? I am tired and maybe I carried the decimal too far, but that would be enough to bail out about* 4,000 effbees.

*Aboot for our Canadian neighbors who are celebrating their holiday.

Lou Minatti said...

We have lots of affordable housing units in my town. We call them apartments. I lived in one with my parents until I was 5.

Akubi said...

Happy Octopus Day!

Pleather Murse said...

Actually commercial RE has been doing well lately acc. to Nightly Business Report. 15% increase in construction since August. Vacancies are down. The commercial builders didn't fall into the same traps as the residentials. Makes sense that apartment vacancies would be down as people are being pushed in that direction. Eminently predictable.

Peripheral Visionary said...

. . . because more money for housing developments is just what California needs right now.

(Quick hint to California lawmakers: drive around Sacramento / Bakersfield / etc. and you'll find plenty of affordable housing, all it needs is the lawn mowed and the green pool drained)

Oh, and a belated Happy Columbus Day to one and all! I hope you enjoyed your day of not working at your government job, or slaving away at your private sector job, or complaining about the horrible oppression of the Europeans (because things would have been so much better if it had been the Asians who discovered America!)

serinitis said...

Supreme Court considers securities case

Any Supreme Court experts out there? It seems to me this case could immediately bankrupt CFC. If so, how are they likely to decide and when will it be announced?

H Simpson said...

Anyone catch GMA this morning?

Showing So Cal housing divisions going to auction for 40-60% off.

NONE of the sucke... errr I mean prior buyers were happy. Best of all, the builder is still slapping together more.

You want affordable housing?

You got it!


Jean ValJean said...

Bubble or No Trouble at all? The Experts Decide.

Peripheral Visionary said...

Google at $620/shr; current valuation puts them above Wal-mart.

. . . because Google is where everyone goes to buy clothes, food, electronics and toys for the kids. But even if their retail arm suffers, they've still got wireless services, and their broadcasting and entertainment arm, and of course their full range of financial services. Why, it makes perfect sense that they're one of the biggest corporations in America by valuation!