|The Lookout Letter to the editor|
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Santa Monica Should Encourage Home Ownership
February 27, 2017
From my perspective, it was the reckless financing, crude regulation and lack of education available to first-time home owners which led to the 2008 housing crisis. In the wake of this crisis, we are fearful of attempting to own a home.
Since the New Deal and the creation of the 30-year amortized loan, home ownership has been the most effective vehicle of upward mobility and means for reaching the middle class. The 30-year loan created more wealth and American pride than any other policy since the reconstruction.
Put simply, our local governments have, through documentation, policy and ordinance, effected a prosecution of property owners. This behavior runs counter to the stated goals of many elected officials across the nation, who year in and year out promote home ownership. Source of income is a protected class, except in rent controlled jurisdictions.
No other group attracts the level of vitriol that Santa Monica and Los Angeles city governments direct towards property owners.
My fellow Americans, please look for a way to promote home ownership. Without a respect for private property rights, we would be slaves of the state.
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