California Proposition 1 would authorize $11.25 billion housing bond

Proposition 1 would allow California to sell $11.25 billion in bonds to fund affordable housing programs. Of that, $1.25 billion is designated for veterans' housing, while the rest would support rental housing, homeownership programs, farmworker housing, student housing, and housing for Native American communities. Supporters say the bond could help finance up to 40,000 multifamily rental units and assist 40,000 households in buying homes, while opponents criticize the borrowing and argue it does little for veterans.

Proposition 1 would let California issue $11.25 billion in bonds for affordable housing. Of that, $1.25 billion is set aside for veterans’ housing. The remaining funds would go toward rental housing, homeownership aid, farmworker housing, student housing, and housing for Native American communities.

Backers say the measure could help finance as many as 40,000 multifamily rental units and help another 40,000 households buy homes. Supporters include Governor Gavin Newsom, the California Democratic Party, the California Apartment Association, and the California AFL-CIO. Some Republican state lawmakers oppose it, arguing it uses veterans’ housing to build support while doing too little for veterans and that borrowing more does not solve the underlying reasons housing is expensive to build.