Recently, a prominent periodical hailed last year’s housing legislation as a marvelous thing – that with it will soon come the end of California’s housing crisis. Similar statements have been made in the few months following the Governor’s signature – including by the Governor himself – on the passage of several new “housing” bills.
“In my mind, this is a really historic day,” said one prominent state senator after her new tax on real estate, a central feature of the housing package, was passed. “Together, we are lifting more of our residents out of poverty,” she added. Similarly, a leader in the Assembly hailed the passage of the numerous housing bills as “a tremendous accomplishment.” Said he, “we are once again showing that here in California we are stepping up and getting the job done.”
But, for purposes of affecting the state’s housing woes, the legislation doesn’t live up to its hype – far from it.
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