Wednesday, April 30, 2008

The Citron - New Lending Incentives!

Great news from our lender at the Citron complex...

Loans for a 5 year fixed, with zero points are now available at 4.875%!

That's right, 4.875% with no points!!!

This rate is incredibly low and can be a great money saver during the mortgate crisis we're in.

For more information, please don't hesitate to call Renee 323-459-6890

Eminent Domain - Propositions 98 & 99

I just got my sample June 3rd ballot in the mail and since I don’t know any of the judges and/or politicians on the ballot, I figured I’d talk a little bit about something else on the ballot that I do know something about.

Initiatives 98 and 99 deal with real estate, particularly a subject called eminent domain. The government’s right to repossess private land for public use through a process known as condemnation. It’s a right that the government established in the 5th amendment that also calls for “just compensation,” usually market value for the property.

Traditionally, public use meant things like roads and schools. Over the past several decades, however, some believe the government has abused its power by routinely condemning property and turning it over to well-connected private developers as a way of subsidizing economic development and increasing tax revenues.

Some well-known examples would be the building of Dodger Stadium on Chavez Ravine or the expansion of Disneyland in Anaheim.

The main issue with eminent domain is what is actually considered a “public use”… Disneyland & Dodgers baseball vs. Brand new condos and/or homes?

The attached link gives another example of the use of eminent domain in California.

http://reason.tv/video/show/56.html


Now back to the actual initiatives:

Proposition 99 would forbid California redevelopment agencies and other government entities from using eminent domain to take homes, businesses and farms for private development, which in my opinion sounds great.

Prop 98 is a little trickier because it includes a provision that would phase out rent control and limits protection for our land, air, wildlife and coastlines, in addition to threatening our state water supply. According to our Governor, “it undermines California's ability to build dams, water delivery systems and other public works projects.”

While I would like to see an overhaul of our rent control regulations since it discourages renters from all the benefits of home-ownership and limits the government’s tax revenue, I believe the restrictions on our water supply, wildlife and air are more important to protect.

So join me in voting “No” on 98 and “Yes” on 99.