Proposition 1
Borrow $11.25 billion for housing
Prop. 1 would allow the state to sell $11.25 billion in bonds to fund various affordable housing programs. Of that total amount, $1.25 billion would go toward veteran housing, while the rest would fund rental homes, homeownership programs, farmworker housing, affordable student housing, tribal housing and more. The bond is expected to help fund up to 40,000 multifamily rental units, while also helping another 40,000 households buy a home.
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Summary
Support
California needs more money for housing in order to help the state’s more than 180,000 homeless residents, as well as those who pay more than they can afford in rent and those who can’t afford to purchase a home.
Oppose
Some Republican legislators criticized the bill for using veterans to drum up support while actually doing little to serve them. They also questioned the wisdom of borrowing more money to pay for housing without addressing the underlying reasons it’s so expensive to build.
Endorsements
Support
- California Democratic Party
- Gov. Gavin Newsom
- The California Apartment Association
- AFL-CIO California
Campaign finance
Proposition committees raise money to support or oppose propositions. Outside groups can also raise and spend money independently to influence outcomes.
- Proposition committees
- Outside spending
- Difference to other side
Support
Oppose
Proposition committees
These committees are primarily formed to campaign for or against a proposition. They must identify donors who give $100 or more. There are no limits on how much donors can give. Below, we exclude donors whose contributions total less than $100.
Support
Oppose
Outside spending
Separate from proposition committees, outside groups can pay for ads, mailers and other efforts to influence voters. They can’t coordinate that spending with proposition committees. There is no limit on how much they can spend.
Support
Oppose
Ballot text
AUTHORIZES BONDS FOR HOUSING AFFORDABILITY PROGRAMS. LEGISLATIVE STATUTE. Authorizes $11.25 billion in state general obligation bonds for housing affordability programs, including multifamily rental housing, mortgages for veterans, supportive housing, preservation of existing affordable housing, and downpayment assistance. Fiscal Impact: Increased state cost of $500 million to $600 million annually for about 25 years to repay the housing bond.
Source: California Secretary of State
