The Moral Hazard of the Sacramento Real Estate Market

The more expensive the house, the better because if you're going to get 80% of the appreciation and put nothing down, you want to buy the most expensive. This is the moral hazard that these idiots in Sacramento have created. People can't afford to buy them at the current price with interest rates this high. What is the market solution to this problem? Obvious, real estate prices come down. That's the solution. The price comes down and then you could afford it. But the California politicians are trying to prevent that solution. They don't want a real solution that will work. They want a government solution that preserves inflated housing prices.