Nathan McGuire: Fees on real estate documents will hurt those they intend to help

The state Assembly is currently debating Senate Bill 2, which claims to support affordable housing in California by tacking a $75 fee onto many real estate transaction documents. A growing coalition is opposed to this bill as its impacts are far and wide, with many questioning its ability to support needed affordable housing programs. But what hasn’t been expressed often enough is the significant impact this bill will have on the individuals and families it claims to support.

In Modesto, and throughout California, almost every document associated with foreclosures – default notices, quitclaims and many other transactions associated with distressed properties – is targeted by this bill. For example, when a bank or homeowners association is forced to place a lien or foreclose on a troubled property, the cost of the transaction is passed onto the homeowner. This shortsighted bill adds to the financial burden facing an individual or family already struggling to make ends meet.

Taking this into account, it’s clear that the cost of SB 2 far outweighs what little (if any) benefit the bill offers taxpayers.

We encourage Assemblymember Adam Gray and other members to vote No on SB2.

This story was originally published August 23, 2017 at 1:36 PM with the headline "Nathan McGuire: Fees on real estate documents will hurt those they intend to help."