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California Proposition 1: Veterans and Affordable Housing Bond Act

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Proposition 1 is the Veterans and Affordable Housing Bond Act. If passed, it would authorize the sale of $4 billion in bonds to finance a bunch of existing low-income housing programs, build new, state-owned housing and match local housing trust funds dollar-for-dollar as they pilot new programs. One-quarter of this $4 billion would help veterans purchase homes, mobile homes and farms.

A coalition has raised over 2 million dollars to pass Prop 1. It consists of affordable housing developers and advocate groups and the State Building and Construction Trades Council. Prop 1’s supporters argue it would directly replenish state funds for housing that have been reduced or unfunded in recent years. They also argue that Proposition 1, beyond providing affordable homes for Californians, will create jobs and pump billions into California’s economy. The Prop 1 coalition is actually running a joint campaign for Prop 2 which raises taxes on incomes over one million in order to fund homelessness prevention and services.

There’s no campaign to defeat Prop 1. However, 21 out of 25 Republican assemblymen voted against putting it on the ballot. The official opposition argument, says the state can’t afford to borrow more money to pay for bonds that could not get paid off, and that a better approach to the housing crisis is to allow the private market to add more supply.

So, if you want the state to issue 4 billion dollars in bonds for veterans and affordable  housing programs, vote yes on Prop 1. If you don’t want to finance that bond money, vote no.