The article discusses the financial risks associated with state-funded housing projects in California, arguing that taxpayers may face increased taxes to cover potential losses. The emphasis is on the notion that projects deemed too risky for private insurers should not be pushed onto taxpayers. Moreover, it highlights the reality of low-income individuals struggling to afford housing due to various economic pressures. The letter argues against the unfairness of subsidizing large developers' profits while low-income earners face systemic barriers to accessing housing.
It is not fair to keep making ordinary citizens subsidize the profits of large developers. High-risk pools should pay the real costs of their projects by themselves.
Wealthy developers and private equity can afford the risks. Let the wealthy investors and developers create their own risk pool.
People have structural problems in their finances, just like cities. A needy car, unpaid sick time from work and a low-paying job block the accrual of cash for first month plus damage deposit.
Having a bad credit score is a seven-year sentence to rent only run-down, old and privately owned housing.
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