California voters approved Proposition 1 on Nov. 3, authorizing the state to sell $11.25 billion in general obligation bonds, about $10 billion of it for housing and $1.25 billion for veterans’ home loans. Ballotpedia’s unofficial tally, current as of Nov. 4, showed 4,685,016 yes votes, or 60%, and 3,175,059 no votes, or 40%. The state’s official voter guide says the bonds would raise the state’s costs by $500 million to $600 million a year for about 25 years.
The question for most Californians is who the borrowing reaches and what it costs the state budget while it is being repaid. KPBS reported that the money is meant to help build rental homes, help households buy a home and fund housing for veterans, farmworkers, students and tribes. The state’s cost is the part that lasts for a generation. The yes vote of 4,685,016 outnumbered the no vote by about 1.5 million, though the count is not final…