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Housing advocates have spent years to get to this moment: Putting a bond measure in front of California voters to try and jumpstart more home building. They say Proposition 1, which would allow the state to issue more than $11 billion in bonds, will help get apartments and other homes to the finish line that are waiting for more money to move forward.
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The measure has no registered opposition, but is part of a crowded ballot that also includes Proposition 37, another housing-related bond initiative.
What would Prop. 1 do?
If approved, the money would go towards building, rehabilitating and purchasing more affordable homes. Some of the funds would go to support specific groups, including veterans, farmworkers and Native American tribes. It also would set aside money for student housing and infrastructure needs caused by having more dense housing developments within cities.
What would it cost?
The state would need to pay at least $500 billion a year over roughly 25 years to cover the cost of the bonds and the interest on them, according to the Legislative Analyst’s Office, which reviews Californians propositions. That is about 0.25% of California’s budget, the analyst’s office said.
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What do supporters say?
They argue that approving the initiative will help provide more affordable homes to a broad range of Californians, at a time when state funding is not meeting the need.
Proponents have spent more than $4.5 million to support the measure with major funders including a political committee associated with the Non-Profit Housing Association of Northern California, other housing organizations and Building a Better California, a group backed by wealthy donors including Google co-founder Sergey Brin.
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