Housing Programs and Veterans’ Loans Bond; authorizes $4 billion of state general obligations bond to fund existing housing programs.
The Libertarian Party of California recommends a “No” vote on Proposition 1.
Although they say this will provide affordable housing with no tax increase, it will cost the state $170 million per year over 35 years in annual interest payments which will need to come from somewhere. We are still paying for the 2006 ballot initiative, Proposition 1C, which said it would build affordable housing, yet housing is no more affordable today than it was 12 years ago. This initiative will be just another bond measure that will add to the state’s increasing and unsustainable, unfunded liabilities.