Outrage over California tax credit
Letter to the Editor
By Inman News, Friday, March 26, 2010.Re: 'California expands $10K buyer tax credit' (March 25)
Dear Editor:
Am I the only one who is outraged that the state of California would cut (millions) from local schools, threaten to release inmates early, and then give another $200 million tax break so buyers can pay more money for new homes? Take money from children and give it to KB Home, Lennar and Centex?
I am ashamed to be a resident.
The recession will never end as long as we reward bad behavior and artificially prop up markets.
Mike Davin
Catalist Homes
Hermosa Beach, Calif.
***
What's your opinion? Leave your comments below or send a letter to the editor.
All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.
You must login or register to post a comment.
Submitted by David J. White on March 26, 2010 - 3:11pm.
Wow Mike, that's bordering on the ridiculously uninformed!
Who do you know in our area that's ever "given money" to KB, Lennar, or Centex? In fact, who's given money to any of the sellers you represent?
Sure, Centex built Fusion, but I'm pretty sure no one gave them money. I'm quite sure that no homebuyers gave them money, and I'm nearly certain that the state didn't give them any money. They are simply private sector businesses who actually pay taxes to the state on their earnings.
Say, Catalist represents sellers in the private sector too; does anyone give them money? Maybe you should ask them?
As a homeowner, taxpayer, local developer, and well informed, full-service Realtor, I'd encourage you to act on your shame and settle somewhere that isn't in need of some serious tax relief right now. But first, I would have to think that a few buyers out there could use a little tax relief to help them buy homes from your sellers right now.
If not, send 'em both over.
David White
South Bay Brokers, Inc.
Manhattan Beach, CA
Submitted by Bruno Skopinich on March 26, 2010 - 3:28pm.
Private sector spending in the form of "tax credits" is way better and less wasteful than anything the government manages.
Politicians sometimes threaten its citizens with education and policing cuts... because people react very emotional to those 2 subjects.
Submitted by John Rakoci on March 26, 2010 - 4:54pm.
Not to worry. obama will probably be bailing the state out soon.
Submitted by Paula Swayne on March 28, 2010 - 1:02pm.
I have to admit, the same criticism crossed my mind as well. Homeownership is a privilege - not a right. I would way rather see our money go towards helping existing homeowners or creating jobs. That is what will make our economy recover as real estate has always been reliant on a healthy job market.
Paula Swayne
PaulaSwayne.com
Paula@PaulaSwayne.com
Submitted by Utah Realtor on March 29, 2010 - 2:02pm.
One of the things I think is so ridiculous about it is that they are doing both tax credits at the same time. One to encourage first time buyers to get rid of the excess inventory, and one that encourages new construction.
By encouraging the new construction, they're not going to get rid of the excess inventory.
Do either one or the other. Which is more important, stimulate home construction, or try and reduce the number of homes for sale so that prices stabilize.
But what do you expect from the a state surviving off of IOU's.