Prop. 173

I cannot understand why I should vote for Prop. 173. While the median price of a California home is about $190,000, rather than letting real estate prices decline further, Prop. 173 will help “prop up” real estate prices by enticing first-time home buyers to pay more for a property than the property is worth.

Bonds cost money. The big “advantage” in this bond issue is that it is “self-financed,” meaning the lucky first-time buyers will pay the expensive insurance premiums for the privilege of paying too much for their first property. Is Prop. 173 trying to help first-time home buyers or the sagging but politically connected real estate industry?

Many first-time home buyers would be better off saving up for a larger down payment and renting while waiting to see if real estate prices will decline further.

MIKE WHEAT, Oxnard