Expert says: Regional housing tax doubling down on failure
Local Real Estate agent Mark Burns, on X, worries that upcoming regional housing money-grab hasn't learned from costly past mistakes.
Attn Bay Area. It's important to understand that this is $20B that gets paid back over 50 years by you. At current bond rates. It goes on your property tax bill. It only pays for 22% of the cost to build the proposed 90,000 low income/affordable homes the Bay Area Housing Finance Authority would like to create.
There has already been $28B spent in the state for similar projects and the results are easy to understand: Things are worse than when they started. Tenants pay more in rent, other taxes (County, State and Federal) make up the difference, all property owners pay for it. When someone can't do their job after 30 years of wasting your tax money; they need to be fired and new fiscally responsible and intelligent folks need to be elected in their place.
Mark Burns' X handle is:
@markburns4RE
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