We have twice the debt rollover as before

Deficit: Back when interest rates were high, people like me convinced Democratic legislators to move heaven and earth to reduce the deficit. It required votes they saw as tough and unpopular, and those votes contributed to some of them losing their seats. Their appetite is gone. And the need is gone too—you need to reduce the deficit when, as they were in the 1980s and 1990s, interest rates are high or when there is a good chance that interest rates are soon going to become high. That is not where we are. The deficit is a problem—it would be nice to have a lower fiscal deficit with its effects on employment balanced by lower interest rates—but it's not one of our biggest twenty problems, and won't be until we can see a future of much higher interest rates...

This is Brad saying the high interest rates are what we saw early in the generational cycle, in 1980.  But since the 2008 crash we have doubles debt, and rollovers continue at twice the ace and we caa suffer only half the rate.

A three percent ten year rate causes the housing market to crash, politicians are trying to avoid that, and a one month shutdown causes a temporary  drop in interest expenses. The longer we shut, the longer we have to wait for housing to crash, and politicians fear a housing crash and do not believe Brad's estimate of the top end sustainable ten year rate. The supportable rate is  3%. Anything above that is recession time.

Brad says:

After Howard Jarvis and Prop 13, the fact that property taxes were capped meant that local governments started looking at developments with fear: where are we going to find the money to provide services to all of these projects? The switch from local governments being boosters to local governments being NIMBYists has been the biggest governance disaster to afflict California in the past generation. If you own property, it's great. If you can easily get permits, it's great. Otherwise—we really need to fix this.

There is no way Californians will give the unions taxing rights to our houses again, and Brad knows damn well the taxes taken from housing was going to the public sector.  Californians, no matter how much left wing, we have no intention o covering those mammoth pension obligations.

California Jobs?: It's a race between tech employment generation and housing construction. If we can make housing construction win, it's a huge win for everyone. If not, we have problems...

Pay attention to connectivity Brad, you just advocated for high mortgage rates which will kill housing, then you advocate higher housing taxes to kill housing then you say housing is great?? Be a little less nutty.  What you rally mean is that you will say anything to save public sector pensions.