How long before the governor of Commifornia suggests that they have stronger ties with the CCP? Will the CCP be providing the loans for this socialist program?
I'm reminded of the Federal Housing Projects (I lived in one) created during The Great Depression (before I was born) thanks to FDR's plans for recovery. My father worked on Boulder Dam, now Hoover Dam which actually contributed greatly to ending the Depression.
NYC has projects and they all turned into slums in short order. They were dens of every conceivable vice, with painted plywood covering broken windows over windows showing curtains and flower pots.
Why bother borrowing the money and create more debt? Just impose confiscatory taxation on rental properties and take them when tax payments are missed. See post Civil War reconstruction for a guideline.
Your plan seems to be working for Mr Paxton, the Attorney General of Texas. I don't know who the guy is that jumps in, says he's not a lawyer, but he is the front man for this and has taken over a valuable property estimated value $857,000 and he is selling it for $400,000. This is the 2nd property he has acquired that I know of.
I hope the explanation is that the errors of the scheme are obvious.