California Reparations

[Ben]

It appears to be about a done deal for Calif to pass "reparations". I would say "states rights, and they can do what they want in their state", but I have a nagging suspicion ALL taxpayers will be covering some of this when CA runs out of money and a dem administration bails them out.

https://twitchy.com/brettt-3136/2022/06/04/californias-slavery-reparations-report-suggests-child-support-forgiveness-free-college-free-health-care/

Oh, and they apparently have a "Truth and Reconciliation Commission" in the state now.

[Andiron]

Same as when Illinois defaults.  The rest of us are on the hook.

The Romanians figured out the cure.

[Fly320s]

It appears to be about a done deal for Calif to pass "reparations". I would say "states rights, and they can do what they want in their state", but I have a nagging suspicion ALL taxpayers will be covering some of this when CA runs out of money and a dem administration bails them out.

https://twitchy.com/brettt-3136/2022/06/04/californias-slavery-reparations-report-suggests-child-support-forgiveness-free-college-free-health-care/

Oh, and they apparently have a "Truth and Reconciliation Commission" in the state now.

How many slaves were in California back in the day?

[Jim147]

How many slaves were in California back in the day?

That weren't Chinese?

[WLJ]

The majority of California voters are racist, who knew?

More than half of California voters are against cash payments for reparation for slavery, a new poll has found.

The research is showing a potential issue for lawmakers as they begin to consider reparation in the state next year.

Governor Gavin Newsom set up a reparation task force, which suggested awarding every black resident $5million.

It also believes that those entitled to the cash should have their personal debt wiped and guarantee a $97,000 income for 250 years and $1 homes.

$5 million cash + all personal debt wiped + $97K per year for 250 years + $1 homes.
Let that sink in

Majority of California voters do NOT support cash reparations for slavery - after Gov Newsom's task force recommended residents be given $5million handout
https://www.dailymail.co.uk/news/article-12506221/Majority-California-voters-NOT-support-cash-reparations-slavery-Gov-Newsoms-task-force-recommended-residents-given-5million-handout.html

[WLJ]

An awful lot of people in CA are all in for this with zero clue that this would completely deep 6 the economy which would make any money they get totally worthless. Afterwards the only viable currency would be ammo

[Hawkmoon]

$5 million cash + all personal debt wiped + $97K per year for 250 years + $1 homes.
Let that sink in

That sank in pretty quick. That's beyond idiotic -- that would bankrupt the state (as if it weren't already bankrupt) instantly.

[K Frame]

MMmmmmmmmmmmmmmmmmmm....

I smell another HUGE round of money flight out of California, followed by a state bankruptcy.

I love the smell of massive failure in the morning.

[Ben]

As long as there's a dem president, CA can spend all the money it wants, knowing they will be bailed out. While it was fun to watch Trump cut off the bailout money train (get it?), Biden just turned it back on during his first month in office.

[K Frame]

Actually, I could see Democrats abandoning California over this.

Not because it's wrong, the Democrats love the concept, but the absolutely MASSIVE price tag involved. Yeah, idiots like Cori Bush are pushing for even more ridiculous amounts, but I suspect that when this explodes spectacularly in California's face and it comes begging for money that only the most far left liberals will be supporting bailing them out. The main Democratic party won't be to quick to turn on the money taps, especially Democrats who serve more conservative areas. They know that going to their constituent base and saying "hey, FYI, we're adding $72,000 a year to your tax burden because California..." will be a kiss of political death. 

[dogmush]

Would black folks that moved into CA after the passage of this law also get Reparations?

We could see a pretty solid two direction migration here of tax payers and tax recipients.

[Ben]

Not because it's wrong, the Democrats love the concept, but the absolutely MASSIVE price tag involved. 

Quite possibly. WLJ's chart above couldn't have those "oppose" numbers without dems.

[K Frame]

Would black folks that moved into CA after the passage of this law also get Reparations?

We could see a pretty solid two direction migration here of tax payers and tax recipients.

I've been wondering the same thing. But to ask that question is racist, and makes you a racist.

Because... reasons.

[AZRedhawk44]

This would destroy the housing market in the entire United States.

There are 2.3 million black residents in California.  Giving each of them $5 million will destroy the local economy through inflation.  Won't be able to touch a car for less than $100k after that.  Local houses will go up over $2 million easily, almost overnight.

The next problem will be the flight to other States in order to avoid loss of buying power.

Unsure if that $97K annuity stays with them when they leave California, but the damage will be done with the initial $5 million payment per person.  Property will skyrocket anywhere their buying power will reach.  Who knows how many will maintain dual State residency in order to retain that $97K annuity.  Will it turn out that even rent on a studio apartment is worth a significant part of that $97K per year after this, for those who want to game the system?

[AZRedhawk44]

Where the hell they gonna get $1 homes?  Put them out in the middle of the desert, like a new age Indian Reservation?

[K Frame]

Where the hell they gonna get $1 homes?  Put them out in the middle of the desert, like a new age Indian Reservation?

No no no! Seize them from whitey!

[K Frame]

This would destroy the housing market in the entire United States.

There are 2.3 million black residents in California.  Giving each of them $5 million will destroy the local economy through inflation.  Won't be able to touch a car for less than $100k after that.  Local houses will go up over $2 million easily, almost overnight.

The next problem will be the flight to other States in order to avoid loss of buying power.

Unsure if that $97K annuity stays with them when they leave California, but the damage will be done with the initial $5 million payment per person.  Property will skyrocket anywhere their buying power will reach.  Who knows how many will maintain dual State residency in order to retain that $97K annuity.  Will it turn out that even rent on a studio apartment is worth a significant part of that $97K per year after this, for those who want to game the system?

Wow... never thought about the inflationary aspect of injecting that much money into the economy that quickly.

BRING ON THE MONEY TRUCKS! I WANT CALIFORNIA TO *expletive deleted*ing BURN!

[WLJ]

Never mind California was never a slave state

[RocketMan]

The inflationary explosion due to reparations would not be limited to California.  Such thinking is naive.

[WLJ]

Wow... never thought about the inflationary aspect of injecting that much money into the economy that quickly.

BRING ON THE MONEY TRUCKS! I WANT CALIFORNIA TO *expletive deleted*ing BURN!

The impact will not be limited to CA and will grow even worse when some in other states start demanding their share. Passing this will not only wreck the entire economy but also will be  lighting the fuse to a much larger bomb.

[Ben]

No no no! Seize them from whitey!

You're not far off. Before I left, Santa Barbara County had "low income requirements" in which - I forget the exact percentage, but let's WAG it at 20% - a percentage of every new development had to include "low income housing". And I don't mean an apartment building in  a single family subdivision - I mean actual homes.

As an example, a development went up across the street from me on the bluffs overlooking the ocean around fifteen years ago. Fancy homes starting at I think it was $900K and running to a couple of million. They had to set five aside for low income POCs (hispanics in this instance) at $250K a pop with a "You qualify with no money down!" bank loan to go with them. The developers aren't going to just eat several million in losses, they're going to pass the costs on.

I wouldn't be surprised if CA state didn't do something similar, with "25% of all new developments must have $1 reparation homes".

In fact here's the subdivision:

https://www.zillow.com/goleta-ca/?searchQueryState=%7B%22pagination%22%3A%7B%7D%2C%22mapBounds%22%3A%7B%22north%22%3A34.42712871294117%2C%22east%22%3A-119.89546922084598%2C%22south%22%3A34.42351798328971%2C%22west%22%3A-119.90174558994083%7D%2C%22mapZoom%22%3A18%2C%22isMapVisible%22%3Atrue%2C%22filterState%22%3A%7B%22ah%22%3A%7B%22value%22%3Atrue%7D%2C%22sort%22%3A%7B%22value%22%3A%22days%22%7D%7D%2C%22isListVisible%22%3Atrue%2C%22regionSelection%22%3A%5B%7B%22regionId%22%3A4931%2C%22regionType%22%3A6%7D%5D%7D

If people get houses like this for free because of their color, lots of other working people in CA trying to find a 40 year old 1200sqft tract home for under $500K are probably not going to be happy, regardless of their politics. Rich white liberals who already live in $5 million homes will be happy though.

[WLJ]

Where the hell they gonna get $1 homes?  Put them out in the middle of the desert, like a new age Indian Reservation?

No no no! Seize them from whitey!

I'm sure all of the Hollywood elites pushing this stuff will gladly sell their homes for $1

[Angel Eyes]

Same as when Illinois defaults.  The rest of us are on the hook.

The Romanians figured out the cure.

Ah yes, the day the Ceaușescu's became good communists.

[K Frame]

You're not far off. Before I left, Santa Barbara County had "low income requirements" in which - I forget the exact percentage, but let's WAG it at 20% - a percentage of every new development had to include "low income housing". And I don't mean an apartment building in  a single family subdivision - I mean actual homes.

As an example, a development went up across the street from me on the bluffs overlooking the ocean around fifteen years ago. Fancy homes starting at I think it was $900K and running to a couple of million. They had to set five aside for low income POCs (hispanics in this instance) at $250K a pop with a "You qualify with no money down!" bank loan to go with them. The developers aren't going to just eat several million in losses, they're going to pass the costs on.

I wouldn't be surprised if CA state didn't do something similar, with "25% of all new developments must have $1 reparation homes".

In fact here's the subdivision:

https://www.zillow.com/goleta-ca/?searchQueryState=%7B%22pagination%22%3A%7B%7D%2C%22mapBounds%22%3A%7B%22north%22%3A34.42712871294117%2C%22east%22%3A-119.89546922084598%2C%22south%22%3A34.42351798328971%2C%22west%22%3A-119.90174558994083%7D%2C%22mapZoom%22%3A18%2C%22isMapVisible%22%3Atrue%2C%22filterState%22%3A%7B%22ah%22%3A%7B%22value%22%3Atrue%7D%2C%22sort%22%3A%7B%22value%22%3A%22days%22%7D%7D%2C%22isListVisible%22%3Atrue%2C%22regionSelection%22%3A%5B%7B%22regionId%22%3A4931%2C%22regionType%22%3A6%7D%5D%7D

If people get houses like this for free because of their color, lots of other working people in CA trying to find a 40 year old 1200sqft tract home for under $500K are probably not going to be happy, regardless of their politics. Rich white liberals who already live in $5 million homes will be happy though.

That's pretty common around here, as well.

[K Frame]

"Rich white liberals who already live in $5 million homes will be happy though."

ONLY as long as those set-aside homes aren't in their locale... After all, wouldn't want there to be a negative impact on the value of MY home.