California Buyers Tax Credit – Good or Bad?
Saturday, May 8, 2010 | 4 comments
Speaking as a Realtor I should welcome the new California tax credit for certain homebuyers. Instead I condemn it as nothing more than a subsidy for lenders, the building industry and the brokers/agents (including me) handling their transactions.
California is a virtually bankrupt State with the 3rd worst educational system in the Country.
To be allocating $200 million to such a program, while simultaneously imposing huge cuts on education, seems to me the height of irresponsibility.
In practice this program will chiefly benefit people who would be buying anyway, and steer them toward new construction. I don’t see this as anything Realtors should be cheering about.
Banks and Builders however are welcoming it with huge sighs of relief.
Just my opinion.
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