The government should not be in the money-lending business when there are plenty of private banks and other lenders. Participation by aging wartime vets is quickly declining. Repossessed property inventory has recently grown. Cal-Vet overhead costs are growing even with fewer loans being issued. This is a throwback to the 1920's.
Military service is a federal program, funded by all taxpayers.
It even has a lucrative VA home loan program for veterans. There is no reason for us to add a CA program, putting the CA taxpayers at risk. The one-half billion bond measure will provide housing for only 2,500 veterans. Veterans who can get favorable terms and interest rates on loans can spend more on homes than other citizens, which in our competitive circumstances is unfair to fellow taxpayers. Such subsidized Cal-Vet buying power further bids up the price of already expensive California housing.