Yes on Proposition 1
Vote Yes on Proposition 1: Funds Affordable Housing for Veterans, Families and Seniors.
If approved by voters, Proposition 1, the Veterans and Affordable Housing Bond Act of 2018, would authorize $4 billion in general obligation bonds for housing-related programs, loans, grants, and projects and housing loans for veterans.
The CalChamber Board supports Proposition 1 because the housing supply and demand imbalance in California is having significant negative impacts on the state economy and businesses.
The housing shortage is estimated to cost California approximately $140 billion a year—the equivalent of 6% of gross state product—and that does not include lost business opportunities or expansions forgone or relocations instituted by employers because they cannot recruit or keep workers in the state’s high-cost housing environment.
Proposition 1 is projected to create more than 100,000 jobs associated with or indirectly related to the construction of new housing and inject billions of dollars back into the state’s economy. As this is a state bond measure, the costs associated with Proposition 1 will be spread over the entire California tax paying population, thereby minimizing impacts on any one individual or business.