California can now borrow up to $11.25 billion for a new housing bond after the state passed Prop. 1 with nearly 60% of voters supporting it. The Associated Press called the outcome of the ballot measure just before 11:00 p.m.
Prop. 1 is a massive amount of money — in 2024, voters passed another bond, also called Prop. 1, which put about $6.4 billion toward mental health, including about $2 billion toward housing for certain high-need populations.
Most of the money is earmarked to buy, build or renovate apartment buildings and help renters, including those who are formerly homeless. Some money will also be set aside for housing projects that help veterans and college students.
CalMatters' Ben Christopher has more.
— Adam Echelman