California Housing Crisis
$35B Bond to Tackle Rising Home Prices?
California lawmakers are making efforts to address the state's
housing crisis by proposing an unprecedented $35 billion bond.
The bond proposal is set to face voter approval in the upcoming year, but concerns about "bond fatigue" have been raised.
Advocates and government officials advocating for the proposal will need to address voters' apprehensions about soaring property prices and housing insecurity.
Two significant bond proposals are currently being presented: a $10 billion bond by Buffy Wicks for the March 2024 elections
Governor Gavin Newsom's $4.68 billion plan to enhance housing construction and mental health services for homeless Californians.
If approved, these bonds could hold historical significance for the state, but they may also encounter resistance from voters already burdened by previous bond initiatives.
Bay Area Housing Finance Authority
is considering an additional bond measure ranging from $10 billion to $20 billion
Property owners' support for the bonds remains uncertain, as they might have to bear the brunt of increased real-estate taxes.
The slow pace of constructing affordable housing units in San Francisco is amplifying concerns regarding the bond's appeal to voters
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