BALLOT WATCH : ‘Yes’ on Prop. 154

Owning a home is becoming a very elusive dream in California. The extraordinarily high cost of housing forces millions to rent rather than own. Hardest hit are moderate- and low-income Californians who cannot afford to pay a mortgage, or the big boost in property taxes often triggered by a purchase.

Proposition 154 would give the state Legislature the authority to allow low- and moderate-income men and women who manage to buy the home or trailer in which they live to postpone paying the increased property taxes. The amount that could be deferred would be limited to less than 90% of the homeowner’s equity, an adequate protection for the state’s taxpayers. California would eventually recover the property taxes and administrative costs after the house was sold.

Elderly and disabled homeowners, who are low- or moderate-income, are allowed by the California Constitution to postpone property taxes until the sale of the house. Extending that benefit to other low- and moderate-income households is fair. The homeowner would have to apply annually for the exemption.

Property taxes are part of the high cost of owning a home in California. Deferring any part of those taxes would remove a major hurdle for many families.

Home ownership gives people a stake in America, says federal housing secretary Jack Kemp. The percentage of Americans who own their own home, however, is declining, according to the 1990 census. Proposition 154 would allow more Californians to get a piece of the American dream.