California's 'Dream For All' Home Down Payment Program Ran Out Of Money In Just 12 Days

Epoch Times ^ | 04/18/2023 | Travis Gilmore

[norwaypinesavage]

“It is incredible and inspiring to see that the launch of the California Dream for All program has already been so successful,” Senate President Pro Tempore Toni Atkins (D-San Diego) said

What's so incredible is that someone is surprised that giving away taxpayer's money would be successful.

[Surrounded_too]

50% will be underwater in a year. 75% in 2 years.

California = Countryside Mortgage

[napscoordinator]

That 20 percent is a hell of a lot higher than 50K. Housing in California is tremendously high. 50,000 as a 20 percent down payment would only add to a 300K home. There is no such thing in California. Most likely the 20 percent was 100K each.

[mewzilla]

How in Hades are people who can’t afford these homes without assistance going to afford the property taxes?!

[napscoordinator]

These people made a deal with the devil. They have to pay it back when they sell the home. God only know what interest they will add to it.

[gitmo]

2,400 people helped at approx. 50,000 each for down payments is only half of 300 million where the hell is the rest of the money???

Math is racist.

[Sirius Lee]

"You get free money! And you get free money! And you...

...okay, we're going to commercial."

[OSHA]

The loan, in addition to a portion of the appreciated value of the home, will be repaid when the property is resold, according to the legislation.

Pennies on the dollar at the foreclosure sale of a condemned property.

[13foxtrot]

Many will probably just walk-away after they realize they still have to make monthly mortgage payments — maybe the state will be able to “collect” some of the loss back from future reparations payouts.