Skelton: Bridging the gap in middle-class housing
A former state legislative leader criticizes Democrats in Sacramento for ignoring the housing needs of middle-class Californians and proposes a plan to help them buy new homes. Despite recent efforts to ease regulatory obstacles to home building, housing supply still falls short of demand, driving prices up. A proposed ballot initiative would allow middle-class buyers to borrow most of their down payment for new homes, helping to increase housing supply and create construction jobs. The plan targets buyers earning less than 200% of their local area’s median income and would be financed by revenue bonds, with loan repayments replenishing the fund for future homebuyers.
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