Proposition 1

Proposition 1 -- Housing bondsTextEditorWhat it does: The measure would authorize $4 billion in bonds to help pay for existing programs that build or encourage the construction of more housing in California, mostly for low- and moderate-income families. Competitive grants would be awarded to local governments, nonprofits or developers for $1.8 billion to build or renovate multi-family housing. Another $1 billion would go for veterans’ home loans, and $450 million would provide infrastructure to build housing near transit. Another $450 million would go to provide down payment assistance or other help to encourage home ownership for low- and moderate-income families. An additional $300 million would go to build housing for farmworkers.How much it costs: The Legislative Analyst’s Office estimates principal and interest on the bonds would cost $5.9 billion over 35 years. The veterans’ bonds would be repaid by the borrowers and would not cost taxpayers. The report estimates the money would help 30,000 families and 7,500 farm worker households and help 3,000 veterans buy homes.

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  • Yes - For the Measure

  • No - Against the Measure

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Statements for and against the measure:

Supporters: Construction trades unions; housing and veterans nonprofits; Facebook founder Mark Zuckerberg’s foundation.

What they say: The measure would help provide badly needed affordable housing without raising taxes. Construction would generate economic growth and jobs.
Opponents: Gary Wesley, an attorney and frequent opponent of ballot measures.

What they say: General obligation bonds are costly, and could potentially lead to tax increases. California’s housing crisis requires a far more comprehensive solution than this bond proposal.