Neighbor News
So Cal Builders are Cutting Prices to move Glut of Unsold Homes
Developers are Flooding the Housing Market Because They are Reimbursed with Mello Roos Bond Debt, which is Socialism & it Does Not Work.
Houses are a long-term investment. Government subsidies for the private sector is socialism and it doesn't work.
Everyone is seeing Beaumont's housing market flooded in the last three years because the City Council has approved the construction of thousands of homes that will be subsidized by Mello Roos Taxes.
The 'future property owners' in Beaumont pay the bond debt that was acquired by the City Council to reimburse Developers' Mitigation Fees. This dirty deal makes it basically free for the Developers to flood the housing market because all of the risk is pushed onto the 'future property owners'.
Find out what's happening in Banning-Beaumontfor free with the latest updates from Patch.
The sick joke of it all is that the amount of bond is based on 'Consultants' projection of the houses' appreciation, but the houses don't appreciate, so the property owners end up paying far more in Mello Roos Taxes than the houses are worth.
Read full article here: https://www.pe.com/2019/01/17/...
