California Voters Approve $11.25 Billion Proposition 1 Housing Bond
California voters approved Proposition 1 on Tuesday, authorizing $11.25 billion in state bonds for affordable housing, with the Associated Press projecting passage on election night. The Veterans and Affordable Housing Bond Act authorizes $10 billion in general obligation bonds for affordable housing construction, including about $5 billion for the Multifamily Housing Program, plus $1.25 billion for CalVet Home Loans; the LAO estimates up to 40,000 rental units and 40,000 assisted homebuyers. With 58 percent of the vote counted Wednesday morning, yes led by roughly 1.4 million votes, about 4.46 million yes votes in total. Critics pointed to decades of general fund debt service, while supporters argued the cost of California's housing shortage to households and the economy is higher. Proposition 1 passed alongside Proposition 37, a $25 billion revenue-bond down payment assistance program for middle-income buyers of newly built homes, giving California two major new housing financing tools from a single election.