There's an old phrase that goes "those who don't learn from history are doomed to repeat it."
That was the first thing that came to mind after running across a story about California voters passing Prop 37, which does this:
BREAKING: California voters just passed Prop 37. Buyers of newly built homes can now put down 3% instead of 20%. How: the state lends you the other 17% as a second mortgage, funded by up to $25 billion in bonds. On an $800,000 home that's $24,000 down instead of $160,000.
— The Assembly (@InTheAssembly) November 6, 2026
How could this genius plan possibly implode quickly?
@InTheAssembly And that, kids, is how price of homes goes up due to Govt intervention. Same as price of education and healthcare.
— Aseem (@aseemchandra) November 6, 2026
And because it's a Democrat-run state and will be for at least four more years, you just knew that the program backed by taxpayers would be available to illegal aliens.
In case you’re wondering, the eligibility requirements for this do not include US citizenship or any legal status. Just “proof of residency” in California for one year.
— Bill Melugin (@BillMelugin_) November 6, 2026
Of course.
https://t.co/0CTrWcEPkc
— jimtreacher.substack.com (@jtLOL) November 6, 2026
Most common reaction we've seen to the passage of Prop 37? "What could possibly go wrong?"
@InTheAssembly What could possibly go wrong with giving mortgages to those who can't afford them?
— BoscoDad (@astone00) November 6, 2026
@InTheAssembly Create more demand on weaker borrowers. What could go wrong? https://t.co/S8wdAqzCOo
— Tony (@1st_12151791) November 6, 2026
@InTheAssembly Lol, subsidizing demand does not make more houses, it just makes the houses more expensive. Ruled by literal morons.
— Static (@DeclineMaxxer) November 6, 2026
@InTheAssembly California is being run like a timeshare scam get you in then raise your taxes until you can't pay then take back the house.
— William Fitzpatrick (@William49347583) November 6, 2026
@InTheAssembly What could possibly go wrong? Democrats WANT another financial crisis like 2008 b/c it allows them an opportunity to grab more $$ and power
— Austin Bradley (@AustinScotch101) November 6, 2026
Dave: “So you purchased a $1M home using a conventional mortgage with 30k?” Mark: “Yes.” Dave: “Where did you get the other 17%?” Mark: “The State loaned it to me.” Dave: “So, now you have 2 mortgages and owe 970,000 on a 30k purchase?” Mark: “Yes, that’s correct Dave.” https://t.co/H6arWWAiif
— Finance Reb 🦈 (@OleMissRebel90) November 6, 2026
When it all goes south, California Democrats will try to blame Trump or say it was because Elon Musk doesn't pay enough in taxes.
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