California Housing Bonds

California Midterm Results: Funding for Affordable Housing and a Rent Control Defeat

The nation just went through a tumultuous election day, the results of which are still in flux, nearly two days later. However, some things were definitively decided, including ballot measures across various states. In California, some important measures were voted upon regarding housing, including four different bond measures.

Proposition 1 was for a $4 billion dollar affordable housing bond. The bill would provide subsidies for 30,000 families, 7,500 farmworker households, and assistance to homebuyers and loans for veterans. The bill would come to $170 million for the next 35 years.

Proposition 2 was the Homeless Housing Bond of $2 billion dollars. It would support 20,000 new housing units for those in need, at $120 million a year. Interestingly, this bond would use revenue from a special income tax on millionaires, which already pays for mental health services.

Both of the bond measures passed. It is encouraging to see a state that struggles so much with housing affordability take on debt for the cause of accommodating those in need.

(Additional source: https://www.latimes.com/politics/la-pol-ca-california-bonds-ballot-20181024-story.html)

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