[deepakhj]

The program already ran out of money. $300m for 2300 buyers. https://www.latimes.com/california/story/2023-04-08/californ...

[toomanyrichies]

Doesn't seem to be stopping people from trying lol. A week after this article posted, and requests to the CA housing agency's website [1] are still timing out both in my browser and via `ping`.

But yeah, as others have said, this is throwing fuel on a fire. The problem to solve for is a lack of affordable supply, not a lack of money on the demand side. But throwing money at voters is never a bad move politically, so it's understandable how we ended up where we are.

1. https://www.calhfa.ca.gov/

[trgn]

300m could build around 500-700 apartments, housing 1500-2000 people-ish. Ballpark numbers.

Municipalities need to be active participants in increasing supply. Not dumping free money and increasing demand.

Also, no need to picture soul crushing tower blocks. e.g. HUD's projects of the last few decades are always pretty respectable.

[mech987987]

Averages out to roughly $130,000 per buyer. Assuming those are all at 20%, then average home purchase price is about $652,000.

[taf2]

Interesting according to zillow: "The average California home value is $718,687, up 0.7% over the past year and goes to pending in around 31 days."

[hgsgm]

Presumably, like PPP, all the giveaways went to friends of friends of people in government while the common people got frozen out.

[mbgerring]

lol, really? I got $16k in PPP loans without breaking a sweat. I spent all of ten minutes filling out forms. What are you talking about?

[jollyllama]

The last big money grab (PPP "loans") was easy pickings for fraudsters. I'm guessing this will happen here too.