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Prop 1 issues $4B for housing programs
Published on 10/12/18, 10:00 AM
This is one of four housing-related measures on the CA ballot.
This seems pretty cut & dry
Yep, at least on what the proposition intends to do. How you should vote, however, not so much. Essentially, Prop 1 would issue $4B in general obligation bonds to fund housing programs.
General obligation bonds are loans from investors that are repaid by the state over time with interest. $1B would be housing loans for veterans, which are of no cost to the state, and the rest of the money ($3B) would cost the state $5.9B, or $170M annually, to repay. It adds up to roughly 0.1% of our annual budget.
General obligation bonds are loans from investors that are repaid by the state over time with interest. $1B would be housing loans for veterans, which are of no cost to the state, and the rest of the money ($3B) would cost the state $5.9B, or $170M annually, to repay. It adds up to roughly 0.1% of our annual budget.
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Sign upWhat is this?
How will it be spent?
$4B
Affordable Multifamily housing programs
Veterans Housing Program
View the rest
Is there a super complicated backstory?
Nope! Prop 1 is a part of a package of bills that intends to increase housing production and lower housing costs for residents. By law, every resident has to approve, aka vote, on bonds that cost more than $300K.
Opponents argue that with high taxes and a state budget surplus of $16B, legislators should make structural reforms rather than create more debt. Prop 1 is another band-aid, they claim, not a solution. Critics point to CEQA, rent control, and labor wages as examples of regulation that have driven up construction costs and contributed to CA’s housing shortage.
Almost everyone agrees that housing affordability in CA is a critical issue, but how we resolve it remains contentious.
Opponents argue that with high taxes and a state budget surplus of $16B, legislators should make structural reforms rather than create more debt. Prop 1 is another band-aid, they claim, not a solution. Critics point to CEQA, rent control, and labor wages as examples of regulation that have driven up construction costs and contributed to CA’s housing shortage.
Almost everyone agrees that housing affordability in CA is a critical issue, but how we resolve it remains contentious.
A debate
CA doesn't need to add more debt. We already pay some of the highest taxes in the country
Prop 1 doesn't mean higher taxes. It depends on how much we tax and spend on other stuff
We have a budget surplus so why don't we spend it on building more housing instead of issuing loans?
Recessions are real and we should save our extra $$ for a rainy day.
Prop 1 would help 30K families + 7.5K farmworkers afford their homes, and 15.K people and 3K veterans buy new homes every year.
But CA needs 180K homes a year and Prop 1 would fall short of that. Voting 'no' tells pols that we need more than a temporary fix.
We can debate housing forever. People need homes now. Prop 1 is the quickest way to help.
Campaign finance graphic brought to you by KQED and Voter's Edge.
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Pretty much all rights reserved © By The Bay 2018
Pretty much all rights reserved © By The Bay 2018