California leaders announce deal on $11 billion affordable housing bond measure
California legislators and Gov. Gavin Newsom announced a deal Monday to place an $11 billion bond on the November ballot to try and address one of the state’s most pressing needs: Housing.
The agreement is a major step in a years-long effort by advocates to push the Legislature and governor to get behind the idea of a bond. That fight is still not over as the Assembly and Senate will each need to pass the proposal with two-thirds support before Thursday, the deadline for legislative measures to qualify for the election.
“Time and time again, we say that housing affordability and homelessness are top priorities, so it’s incumbent on us to put our money where our mouth is and invest in housing programs that have proven their ability to deliver real results,” said Assemblymember Buffy Wicks, D-Oakland, who has for several years tried to advance a housing bond “What we can’t afford is to wait.”
Wicks had initially proposed a $10 billion bond. So did state Sen. Christopher Cabaldon, D-West Sacramento. The newly-announced agreement says $10 billion will be used to help fund rental housing and homeownership programs and another $1.25 billion would specifically target housing for military veterans.
“The agreement reached today is the reflection of the hard work done in the Legislature to address and respond to the critical housing needs that Californians are facing across the state,” said Senate President pro Tempore Monique Limón, D-Santa Barbara, in a statement.
The state will raise the money for the effort by selling bonds to investors who will be repaid with interest. California voters have passed a series of bonds over recent years that were earmarked for water infrastructure, climate efforts and schools.
