California Prop. 1: What the $11.25B housing bond would do – Spectrum News

California Prop. 1: What the $11.25B housing bond would do  Spectrum News

California voters will decide on Prop 1, an $11.25 billion housing bond. Here’s what it would fund and why supporters and opponents disagree. LOS ANGELES — California voters will decide this November whether to authorize $11.25 billion in new state borrowing to address the housing crisis through Proposition 1, a measure supported by housing advocates and developers but criticized by opponents concerned about the state’s growing debt. In West Los Angeles, housing developers Daniel Glimcher and Simon Aftalian of PASSO are working to expand affordable housing for veterans near the West LA VA Medical Center. One of their latest projects, a 53-unit apartment building on Stoner Avenue, is expected to be completed in December.

The developers said they plan to deliver 3,000 apartments for veterans over the next four years. Glimcher says their developments are designed with veterans’ needs in mind, from calming interior colors to locations near the West Los Angeles Veterans Affairs Medical Center and other resources, including public transportation. Both developers support Proposition 1, even though their projects would not necessarily receive funding from the measure. If approved, Proposition 1 would authorize $11.25 billion in bonds, including $10 billion for affordable housing construction, preservation and homeownership assistance. The remaining $1.25 billion would support home loans for veterans. Supporters argue the investment could help address California’s housing shortage