Oh, this is going to end well.

When you sell the property or refinance the loan, they take up to 20% of the appreciation

Appreciation is actually currency devaluation. What Commiefornia wants to do is loan you 20% of your home's current value and then get it all back plus 20% of the total market value of the house.

This is a bet. Commiefornia is betting that there will be a continuing housing shortage, so prices will rise. This is also a hedge against inflation. Money not earning interest loses value. So they are, in effect taxing inflation.

That's going to work well.

Still not worth it. A parent's child isn't worth a measly $211,000, the child is worth far far far more, that will just be overtaxed in 4 years anyway. Then you get the state sponsored child grooming and state senators who are pedokikefaggots like CA has. Gonna need to be a bit higher.