The cost of funding subsidized housing projects should be borne by ALL residents, not just homeowners and property owners. It is agreed that creating more affordable housing benefits the entire community. If that’s the case, the entire community should pay for it.
· Encourages the removal of homeownership opportunities. These agencies will provide funding to corporate owners who can purchase single-family homes, which will decrease opportunities for ownership by working Californians.
· Agencies are not required to construct new housing. Agencies can simply fund developers to buy existing properties, competing with our state’s working families seeking to achieve the dream of home ownership.
· They will make homeownership less affordable. New taxes and bond costs on homeowners will increase costs for both those seeking to purchase a home and those who have already struggled and stretched to afford the home they have already purchased. Increasing their taxes will undermine working families’ ability to stay in their homes and create wealth.
· It is completely unnecessary. Los Angeles County along with one or any combination of its 88 cities could undertake the goals of this agency now. They could even form joint powers authorities. There is no need to tax and spend for a whole new duplicative and unnecessary agency.