In an act of mind-boggling insanity, the voters of California just saddled their children's children's children with billions in debt. All of the bond measures passed Nov. 7 total $38.1 billion, which will cost $59.5 billion over 30 years, for a total of $2 billion annually.
This will have to come from us taxpayers. This shortsightedness was compounded by the failure to pass Proposition 90, thus giving government the green light to take our property at any time for any reason. If you've owned your home for a while, you probably have low mortgage payments and low property taxes. If you recently refinanced, you have a good rate of interest.
Some people even own their homes outright. All that equity can disappear in a second if a city council decides to take your property and not pay you what it's worth. What if all you get out of your home is only a down payment on another one? What if it's not even that? What if the higher mortgage payments at a higher rate of interest, together with higher property taxes, are more than you can afford?
Roxanna Moser, Mariposa