Previously the problem was that you had to have access to credit and enough money for a down payment to buy and then you’d quickly come out ahead vs renting. So

Previously the problem was that you had to have access to credit and enough money for a down payment to buy and then you’d quickly come out ahead vs renting. So it was a real problem not being able to get access to that advantage. But in the current situation you actually pay more to buy than you would to rent in most/very many cases, unless you’re counting on things like appreciation or planning to hold for 20+ years (if you are rent controlled/stabilized you may never come out ahead). So while homeownership is unaffordable in both situations, the repercussions and solutions are very different. Because policies like providing downpayments (which CA is considering/doing) will just exacerbate the situation in this case. And the negative impact is more qualitative like being established in a community or wanting to own a home as a right of passage, vs actually materially making you better off.