00:00Proposition 1 would authorize the state legislature to borrow $11.25 billion for housing assistance.
00:08$10 billion of that would go toward various state housing programs that help low to middle
00:14income homeowners afford mortgages and other such expenses associated with buying a home.
00:20And $1.25 billion would go toward an existing program to help veterans buy their homes.
00:26This is a new bond on top of an earlier bond that was passed by voters in March 2024 that
00:33provided $2 billion for housing assistance for veterans.
00:37Critics might ask why $2 billion wasn't enough, why more money is necessary, and whether the
00:42first $2 billion had actually been successful in promoting housing among veterans.
00:47But this proposition is likely to be popular given the acute housing shortage in California
00:52and the trouble many Californians have in affording housing.
00:55There's a statewide push to change that and Proposition 1 might be a step in that direction.
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