Propositioned - Prop 1 - How Do We Fund Affordable Housing?

Propositioned - Prop 1 - affordable housing on the ballot

Welcome back to Propositioned! Hosted by KFI's Kris Ankarlo, this limited series podcast is back to take a look at the 11 different propositions you'll see at the ballot box this November 6! 

Now in its third season, Propositioned is a chance for both sides on each question to make their case to you, the voter. Then you can take that information with you to the voter booth. 

Today's episode deals with Proposition 1, a general obligation bond that would authorize up the government to sell $4 billion in bonds to fund existing housing programs. 

 
 

Supporters say the money could be a big help for families who have always dreamed of buying a home in California, but were unable to until now. Habitat for Humanity Orange County Chapter Vice-President of Development Chris Baiocchi says Prop 1 could help 50,000 families and veterans realize that dream. 

"Among families, the house is the single greatest vehicle for inter-generational wealth transfer," Baiocchi told KFI's Kris Ankarlo. "And that changes things for a family. I'm proud to work for an organization that does that on a daily basis and I think this proposition is a chance for us to start heading in that direction as a state, to start giving that opportunity to others." 

However opponents say borrowing money isn't the right way to solve the affordable housing crisis in California. Republican state senator John Moorlach (R-Costa Mesa) says these types of projects should be paid for out of California's general fund. 

"I think the big tragedy is, is that, this year we've actually had what we would quantify as a budget surplus. We've had a little bit more in revenue than normal - $12 billion more in fact," Moorloch said. "Well, why didn't we go use a third of that to go ahead and pay the $4 billion?" 

In the next episode of Propositioned, Kris takes a look at Prop 2, which also deals with housing - but this time for people with mental illness. 

Listen to yesterday's episode on the history of propositions in California here! 

Here's what the ballot says Proposition 1 will do:

Authorizes $4 billion in general obligation bonds for existing affordable housing programs for low-income residents, veterans, farmworkers, manufactured and mobile homes, infill, and transit-oriented housing. Fiscal Impact: Increased state costs to repay bonds averaging about $170 million annually over the next 35 years.

Here's what a YES Vote Means: 

A YES vote on this measure means: Allows the state to sell $4 billion in general obligation bonds to fund veterans and affordable housing.

Here's what a NO Vote Means: 

A NO vote on this measure means: The state could not sell $4 billion in general obligation bonds to fund veterans and affordable housing.

Here's who supports Prop 1: 

Chan Zuckerberg InitiativeMembers' Voice of the State Building and Construction Trades Council of CaliforniaHousing Trust Silicon Valley

Here are a list of groups opposed to Prop 1: 

None as of 10/16/2018

Photo: Getty Images

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