Ballot Breakdown: Yes on Prop 5–Majority for Housing Bonds
Prop 5 is a vital reform to address the housing crisis in our state. It would give voters more power to raise money for affordable housing and public infrastructure like water systems, roads, and hospitals–two major areas where our state is falling behind and failing our communities. Prop 5 would make it easier to build the affordable housing we need and to make overdue improvements to our neighborhoods. Let’s build the power we need to confront this crisis!
Our stance: Vote YES
AAPI FORCE and our Steering Committee strongly endorse a “Yes” position on Proposition 5, “Lower Supermajority Requirement to 55% for Local Special Taxes to Fund Housing and Public Infrastructure Amendment.” As our state faces a housing and homelessness crisis, Prop 5 is a vital reform that enables our governments to build affordable housing and to improve to our neighborhoods.
What would Prop 5 do?
Prop 5 would lower the electoral bar (from 66.67% to 55%) for local governments to issue bonds and special taxes (sales tax, transaction tax, or parcel tax) that fund affordable housing and public infrastructure projects, like water systems, climate resilience, roads, and public libraries. This gives voters more power because a majority of voters can decide to raise money for affordable housing and public infrastructure. Prop 5 would make it easier to build the affordable housing and public resources our communities need.
What is a bond measure?
When the state or a local government issues a bond, they are borrowing a set amount of money that they will need to pay back with interest to investors. The government often issues bonds for specific types of capital projects (like buildings) and public infrastructure projects. Voters must approve general bond measures because they are guaranteed by the government’s power to tax. For more info on bond measures, check out this resource.
How will Prop 5 benefit our communities?
Most of our base of AAPI voters are tenants, and see affordable housing as a high priority issue. Housing is generally important for AAPI voters as a whole, although some may balk at the potential for increased taxes.
Prior to the pandemic, a disproportionately high percent of less educated Asian Americans were financially vulnerable, paying more than half of their income to cover housing costs. There are also ethnic differences among Asian Americans, with Korean, Vietnamese and CHL (Cambodians, Hmong and Laotians) more likely to be at risk because of extremely high housing burdens [1]
During the pandemic, over one-in-four less educated Asian Americans were significantly more likely to be behind on their housing payments.
Lowering barriers to produce affordable housing will likely reduce rent burden and housing instability.
Housing and democracy reform are key priorities for AAPI FORCE network. Our network does not work directly in affordable housing production and financing, but does hold expertise around tenant organizing.
Prop 5 will also pave the way for affordable housing and even social housing that local communities are exploring and building now.