Californian Representatives Criticize Home Resale Fees

By Samira Sadeqie-Talk Radio News Service

Two California representatives came out against a fee intended to aid the housing market Wednesday.

During a conference call held Wednesday afternoon, Rep. Brad Sherman (D-Calif.) said that the “smart and innovative  guys” in Wall Street should “focus on new ways” to expand the nation’s economy beyond the fee, which would give housing developers one percent of a home’s sale price every time a house is resold.

“This is going to hurt not only the future owners of the house, but the entire the neighborhood because it reduces comps and appraisals,” Sherman said. “It serves no social purpose.”

“No assessment or fees on hardworking taxpayers should be implemented without their knowledge,” said Rep. Maxine Waters (D-Calif.) “I’m adamantly opposed to any secret fees, covenants, anything that homeowners are not very much aware of.”