California has long been grappling with the challenges of skyrocketing housing costs and homelessness. In response, lawmakers are proposing three of the largest housing bonds in the state's history for the 2024 ballot. These bonds aim to tackle the affordable housing crisis and expand mental health services for homeless Californians.
And here's the good news, if one or more passes it could make a dent in the affordable housing crisis statewide. House Assembly member Buffy Wicks is spearheading a $10 billion bond proposal that will replenish the funds of California's premier affordable housing programs. If approved by a majority of voters, this bond will be the largest housing-related IOU issued by the state since 1980.
At the regional level, the Bay Area Housing Finance Authority is also considering a bond measure for the November 2024 ballot. While the exact amount is yet to be determined, it could reach a staggering $20 billion. This measure would fund affordable housing projects across the nine counties surrounding the San Francisco Bay. By addressing the unique housing challenges faced by the Bay Area, this bond aims to make a significant impact on the affordability crisis in the region.
Politicians have set the gears in motion. Now, with these bond measures on the 2024 ballot, we'll find out how voters feel about things. The need for affordable housing is plainly clear to most residents, but this question remains up in the air at least for now: Is more affordable housing coming to California in the near future?
Curious about how an experienced CM can add value to your next affordable housing project? Then, reach out today!