The easy response is, "What? California wants to tax something? And at a high percentage? How is this news?" I don't get the vitriol against the flippers in th

The easy response is, "What? California wants to tax something? And at a high percentage? How is this news?" I don't get the vitriol against the flippers in this scenario. Don't they provide a valuable service? I've seen the HGTV shows that have "flippers" coming in and spending (a) $400,000 cash for a foreclosed house, and then (b) investing another $150,000 in renovating the house, bringing it up to code, and adding designer touches. How is this not a good thing for the community? This is not something that a "normal buyer" could do. Most people can't buy foreclosures - you can't get your bank to approve a loan, for example. And even if you could buy a foreclosure, you need to have lots of dry powder to handle the unexpected. This is just not what most people can do. Seriously - I don't get why people would be against this sort of thing.