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.
People and organizations
Support
- California Democratic Party
- Gov. Gavin Newsom
- The California Apartment Association
- AFL-CIO California
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
