Proposition 1 would authorize the state to sell $4 Billion in general obligation bonds to fund existing housing programs, including $1.5 Billion in multifamily housing for low-income residents, $1 Billion for loans to veterans, and the remainder for farmworker housing, mobile homes, and transit-oriented housing.
Housing in California is expensive, and this is a pretty straightforward attempt to create more affordable homes throughout the state. The effort is largely funded by the CA Assoc. of Realtors, construction and housing organization, and even Mark Zuckerberg's charitable group.
Refreshingly, this one doesn't have any sinister agenda hiding in its clauses. It intends to spend money to support and expand housing programs that already exist. Will it alleviate homelessness in our state? Probably to some degree.
Yes, this prop is a General Obligation Fund bond measure, which sucks because they always cost more in the long run ($3 Billion of this will cost $6 Billion over 35 years). However, some of the funds would be repaid by those receiving the housing loans, as well as some federal funding that would be unavailable without the measure.
Your Political Friend is voting YES.