California Voters to Decide on Two Multibillion-Dollar Housing Bonds

The Public Policy Institute of California conducted a poll regarding housing bonds that California voters will decide on in November. One measure, Proposition 1, would allow the state to borrow $11.25 billion for housing efforts, including financing low-income apartments. The second, Proposition 37, would enable a state agency to sell up to $25 billion in bonds to fund down payments on newly constructed properties.

Proposition 1 is intended to replenish state programs for affordable housing, while Proposition 37 could help residents who lack savings for a traditional down payment and create demand for builders. Opponents of Proposition 1 argue that the state taking on billions in new debt would be reckless given the long-term budget deficit.

The Public Policy Institute of California is analyzing housing market trends specific to the Southern California region.