You will own nothing and you will be happy

[Inor]

I stumbled across this one today...

https://www.zerohedge.com/personal-f...incomes-211000

The headline sounds great. But when you take a few moments to sit back and think about it, this is horribly dangerous!

First off, why is California letting people buy a house with virtually no down payment in this market? Housing prices are already down almost 40% in many areas around the San Francisco Bay. Is this a ploy to try and prop up a market where the wheels are already falling off?

Secondly, for anybody that takes this offer the state of CA effectively OWNS 20% of your house! They do not disclose the details other than to say if you sell the house, the state gets to take 20% of the sale price regardless of how much prices increase.

Third, what happens if prices fall when you sell? Does the state get their original 20% back in full or do they share in the haircut?

Forth, what happens if you buy a house for $500K (and the state kicks in the initial $100K for the down payment), you stay in the house and make all your mortgage payments and pay the mortgage off in 10 years. Maybe by then, the house appraises for $1 million. Presumably, you now owe the state $200K for the original loan. Can you finance that or do you have to come up with it as a lump sum?

Fifth, what if you die? Do your heirs have to come up with the 20% payback in a lump sum?

This whole thing absolutely reeks of a state takeover of all private property! I fully expect other progressive states to follow suit on this scam. I'm sure most of us are old enough to own our homes outright. But warn your kids and grandkids to avoid these scams like the plague!!! THE GOVERNMENT IS NOT YOUR FRIEND!!!

[Slippy]

Fundamentally, this is so FUBAR that even FUBAR things have to raise an eyebrow about this nonsense. Regardless, some really smart enterprising conservative person MAY be able to find some loophole that will favor them over the state.

Not only is the government NOT your friend, they also do some incredibly stupid things and someone who has nothing to lose might find a way to out-think the CA fools; maybe live totally rent or mortgage free at the state's expense?

I stumbled across this one today...

https://www.zerohedge.com/personal-f...incomes-211000

The headline sounds great. But when you take a few moments to sit back and think about it, this is horribly dangerous!

First off, why is California letting people buy a house with virtually no down payment in this market? Housing prices are already down almost 40% in many areas around the San Francisco Bay. Is this a ploy to try and prop up a market where the wheels are already falling off?

Secondly, for anybody that takes this offer the state of CA effectively OWNS 20% of your house! They do not disclose the details other than to say if you sell the house, the state gets to take 20% of the sale price regardless of how much prices increase.

Third, what happens if prices fall when you sell? Does the state get their original 20% back in full or do they share in the haircut?

Forth, what happens if you buy a house for $500K (and the state kicks in the initial $100K for the down payment), you stay in the house and make all your mortgage payments and pay the mortgage off in 10 years. Maybe by then, the house appraises for $1 million. Presumably, you now owe the state $200K for the original loan. Can you finance that or do you have to come up with it as a lump sum?

Fifth, what if you die? Do your heirs have to come up with the 20% payback in a lump sum?

This whole thing absolutely reeks of a state takeover of all private property! I fully expect other progressive states to follow suit on this scam. I'm sure most of us are old enough to own our homes outright. But warn your kids and grandkids to avoid these scams like the plague!!! THE GOVERNMENT IS NOT YOUR FRIEND!!!

[red442joe]

California government is bad...just bad.
Think about all the people that left the state...they will all, ALL, get some kind of clinger scam notice from the state.
They will get notices they didn't register their car, with a fine.
They will get holds put on their drivers licence, such that when they try to renew their new licence, they will be told they have to clear the hold with California DMV...GOOD FUCKING LUCK!
This is what I went through when I left in '97.
I bet they gots whole other new scams to try to punish the leavers!

Joe

[Prepared One]

California keeps doubling down on stupid. Speaking of stupid, Their governor is considering running for president. I can't imagine which is more scary, another 4 years of Joe or Newsom. Or even, horror of horrors, AOC. I have heard this bitches name tossed around as well for 24. Ahhh screw it, have a drink and get drunk, because we are all fucked.

[Dwight55]

I still say the very best thing we could do is put a fifty foot high wall around it . . . Oregon and Washington

Give them to Mexico . . .

And walk . . .

Then we could deport all undocumented whoevers to Los Estados Norte de Mexico . . .

And look ahead for the San Andreas fault to trip and . . .

We could then buy waterfront property in Arizona, Nevada and Idaho . . . not have to put up those liberals any more.

Just need enough of a warning to get our people out of the affected areas before it tumbles into the sea.

May God bless,
Dwight

[Slippy]

REJOICE REOICE!

The housing market recession of 2023 is over!

I'll post some links but I am hearing and reading that housing prices are moving up again and permits/starts are rebounding from a very small dip.

None of this makes sense.

[KnuteFartne]

California keeps doubling down on stupid. Speaking of stupid, Their governor is considering running for president. I can't imagine which is more scary, another 4 years of Joe or Newsom. Or even, horror of horrors, AOC. I have heard this bitches name tossed around as well for 24. Ahhh screw it, have a drink and get drunk, because we are all fucked.

She won't be old enough in 2024. One year shy.

I would like to see Trump debate AOC. He'd destroy her.

Sent from my SM-S906U using Tapatalk

[Mad Trapper]

Schwab , should be hung in front of US Capitol building, until crows flies and maggots are done with his fetid foul bones.

[Jester-ND]

REJOICE REOICE!

The housing market recession of 2023 is over!

I'll post some links but I am hearing and reading that housing prices are moving up again and permits/starts are rebounding from a very small dip.

None of this makes sense.

the empty offices and no rent on leveraged properties hopefully speed up the burn!!

[Inor]

REJOICE REOICE!

The housing market recession of 2023 is over!

I'll post some links but I am hearing and reading that housing prices are moving up again and permits/starts are rebounding from a very small dip.

None of this makes sense.

Remember your Freshman year of college? When you tried to live on nothing but cold pizza and cheap Cold Spring beer (at $3.75 a case)? And after a week or two, you could feel it rumbling in your belly and you KNEW when it finally let loose, it was going to be bad? REAL BAD? And when the colon-blow eventually happened, it was worse than you could even imagine? And the smell peeled the paint off the walls and even made the dog's eyes bleed and put you in a coma for three days?

This is going to be worse than that...