Summary: Proposition 1 is a bond measure that would direct $3 billion toward the building and preservation of affordable rental housing in California. It would also give $1 billion worth of loans to veterans for the purchase of homes and farms.
- For: Affordable Housing Now (“Yes on Prop 1”) has led the campaign in favor of the proposition, presenting it as a promising initiative to address California’s housing crisis by building more affordable homes. 2.2 million low income renter households compete for 664,000 affordable rental homes, according to the measure.
- Against: Attorney Gary Wesley is one of the only voices opposing Prop 1, wary of adding to the state’s debts since the measure allows the state to borrow more money by selling bonds that would need to be repaid with interest. The Press-Enterprise’s editorial board, in contrast to California’s other major media editorials, objects to Prop 1 because they believe “onerous” regulations and bureaucracy slow down housing construction in California.
Party support: California Democrats recommends a vote Yes on Prop 1. California GOP recommends a vote No on Prop 1.
Stanford Democrats supports the passage of Prop 1 because “its explicit funding for transit-oriented and mixed density development, among other provisions, will go a long way toward establishing a larger affordable housing stock.”
Stanford College Republicans opposes Prop 1 because they believe it will have a negligible impact on California’s housing shortage. “The homes will be valued [at] $425,000 on average, making them unaffordable to an average Californian, so that they must be sold or rented at a significant loss.”