Friday, November 20, 2009

Sometimes the legislature corrects its mistakes

Door closed on California tax credit for new homes
Say goodbye, finally, to hopes of extending that $10,000 tax credit for buyers of new unoccupied homes in California.
It's all but dead for this year, says one lobbyist who patrols the state Legislature on behalf of home builders.
"We were disappointed neither of those bills panned out this year," said Allison Barnett of the California Building Industry Association
I have posted about why this is a bad idea in the past. Most recently here.

There are positive things govt we can and should do to cushion the housing market and builders in the short-run and long-run: 1) aggressive actions to stop preventable foreclosures, and 2) cutting excessive impact fees that greatly increase the cost of construction and long-run cost of living for CA residents.

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