Comment by JumpCrisscross 12 hours ago
> Public insurance. For housing
This is California’s FAIR plan [1]. It’s a wealth transfer from non-homeowners to homeowners, homeowners in low-risk areas to high-risk homeowners, and from low-value homeowners to rich ones.
> draw funds by taxing homeowners, specifically, and limiting payouts by fire risk, capping at a mean replacement cost, not per-house
This almost seems designed to maximise fury. You're still taxing low-risk homeowners to pay for high-risk damages. And when a catastrophe hits, you aren't paying enough to rebuild (or avoid bankruptcy, in which case you're just routing taxpayer funds to creditors). Add to that you've branded it a tax increase it's almost something the GOP would run as a false flag against a Democrat.
That was one (corrupt) option. Another would have been to draw funds by taxing homeowners, specifically, and limiting payouts by fire risk, capping at a mean replacement cost, not per-house. That that's not what happened is an issue with the implementation, not the base concept.