What To Know About Prop 5
10/17/2024 | 1m 31sVideo has Closed Captions
Prop 5 would lower the voter approval needed for affordable housing bonds from two-thirds to 55%.
Prop 5 would lower the voter threshold for affordable housing and infrastructure bonds from two-thirds to 55%. Supporters argue this change would make funding critical projects easier, while opponents express concerns about increased debt and property tax impacts.
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SoCal Matters is a local public television program presented by PBS SoCal
What To Know About Prop 5
10/17/2024 | 1m 31sVideo has Closed Captions
Prop 5 would lower the voter threshold for affordable housing and infrastructure bonds from two-thirds to 55%. Supporters argue this change would make funding critical projects easier, while opponents express concerns about increased debt and property tax impacts.
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Learn Moreabout PBS online sponsorshipIn 2022, voters in Berkeley were asked whether they wanted the city to borrow $650 million to fund affordable housing.
59% of the voters who turned out, an overwhelming majority, said yes.
The measure failed.
How is that possible?
How would a statewide proposition on this year's ballot change the electoral math behind borrowing?
Back in the 1970s, Californians voted to make it much harder for local governments to raise taxes or borrow money.
Ever since then, whenever a city or county wants to go into debt, they have to get permission from the voters.
Not only that, in most cases, they have to win the support of at least two-thirds of voters to win.
That's why the bond in Berkeley failed, even though it got 59% of the vote.
Prop 5 would reduce the threshold for bonds to fund affordable housing and the whole list of public infrastructure projects.
The new cutoff, 55%.
Supporters say the current system makes it way too hard for local governments to fund important projects, including affordable housing.
They also argue that letting a small minority override the wishes .. is just undemocratic.
Opponents say the choice to go into debt should only be made when there's a broad agreement across the community, especially since bonds tend to get paid back through higher taxes on property owners.
So vote yes if you want to make it easier for local governments to borrow to fund affordable housing and other infrastructure.
Vote no if you want to keep things the way they are.
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SoCal Matters is a local public television program presented by PBS SoCal