What’s the Big Idea?
Should the state issue $4 billion in bonds to fund the construction of affordable housing?
The Way It Is Now
Low-income housing in California is often supported by state government loans or grants to local governments, nonprofits and private developers. In an effort to address California’s housing crisis, state lawmakers voted in 2017 to place this bond measure on the ballot.
What If It Passes?
The state would issue bonds to help developers build affordable housing. The largest chunk of the money ($1.8 billion) would go to low-interest loans to fund the construction of multifamily housing. Another billion would be for loans to veterans to help them purchase homes. It would cost California taxpayers $5.9 billion over 35 years to pay off the bond.
Not enough housing is being built for low-income Californians. By issuing this bond, the state can get affordable housing built without having to raise taxes.
Housing construction in California is slowed in large part by regulatory red tape. Proposition 1 does nothing to address this, while adding to the state’s debt.
YES for Proposition 1