California's Latest Gimmick: A Home Loan Magnet for Illegal Migrants

Experts from multiple sectors are sounding the alarm on California's recently passed bill that would give home loans to illegal migrants.

Civil rights attorney Leo Terrell and real estate expert Grant Cardone weighed in on the bill during an appearance Wednesday on "Varney & Co.," revealing how the state's policy is another "gimmick" from Democrats, according to Cardone.

"It's window dressing, but it sends a message to illegals: 'Come to California, we're going to take care of you.' It makes no sense whatsoever. They're treating illegals like American citizens and reaping the benefits as an American," Terrell explained to FOX Business' Stuart Varney.

California lawmakers voted a bill through the state Senate on Tuesday that would allow illegal immigrants to apply for their "California Dream for All" first-time homebuyers' financial assistance program.

AB 1840 requires the California Housing Finance Authority's home purchase assistance program, or California Dream for All Program, to include undocumented applicants. The program awards first-time homebuyers up to 20% of a home's value or up to $150,000 as down payment assistance. 

Private equity fund manager Grant Cardone brought some real estate perspective when weighing in on the policy, doubling down on Terrell's claim that the bill is "window dressing" for the 2024 election. 

"It's an old gimmick in marketing. We make a promise we can't deliver. Don't do your due diligence. Come to the dealership. It's a $99 payment. You walk out with $700," Cardone began. "The $25,000 tax credit. That's bogus baloney, too. You can get that from a builder right now. This is just window dressing, as you say, for an election in hopes to get votes."

As mentioned by Cardone, Vice President Kamala Harris recently proposed offering down payment assistance to first-time homebuyers.

Harris wants to offer an average of $25,000 in assistance to all first-time homebuyers in the country, which the Democratic presidential nominee says would be provided to more than 4 million people over four years if she were to occupy the Oval Office.

To conclude, Terrrell sent an urgent message to Gov. Gavin Newsom, warning Californians that this law would make the state a "magnet" for illegal migrants. 

"This is a magnet for illegal aliens. Governor Newsom, if this bill gets to his desk, if he wants to have a political career in the future, he has to veto this, Stu. But I guarantee you, I don't know what he'll do. This is California," Terrell said.

This article originally appeared on Fox Business.