California's $10B Housing Bond: A Step Toward Hope or Just Another Dream?

The golden state might be shining a little brighter for renters and the homeless, thanks to East Bay Assemblywoman Buffy Wicks and State Senator Christopher Cabaldon. Fresh from a lukewarm reception last year, they’re resurrecting a proposal to plop a $10 billion affordable housing bond on the June 2026 ballot. Because let’s be honest, we all know that if there’s anything California needs more of right now, it’s affordable housing.

This bond, if voters dig it, would greenlight general obligation bonds aimed at low-income rental housing and supportive services for our friends experiencing homelessness. It’s all part of an urgent plan to tackle our catastrophic housing crisis, as Wicks so eloquently put it: “These bonds are a necessary step to address the staggering need for safe, stable, and affordable housing”. Urgency is key, people.

Last year, though, the California legislature didn’t quite see things Wicks’ way. Instead, they decided to juggle two other huge bond measures, also for $10 billion each, targeting kids’ education and climate resilience. Spoiler alert: both of those passed with flying colors, capturing 59% and 60% of the votes, respectively. Great for schools and Mother Earth, but what about the rest of us just trying to find a roof over our heads?

Let’s not forget the voters. Earlier this year, when faced with what seemed like a buffet of bonds, they only could manage to pass Governor Gavin Newsom’s $6.4 billion measure to add mental health beds for our most vulnerable residents, by the skin of their teeth. Voter fatigue from all the budget and bond discussions might leave Wicks and Cabaldon scrambling to get support.

Interestingly, a bombshell $20 billion regional housing bond was also set to air alongside our new pals. But last-minute jitters over increased property taxes led its supporters to yank it from the November ballot. Because who doesn’t want to get taxed for a good cause? Just kidding, that’s a rhetorical question.

The big question remains: can Californians wrap their heads around two housing bonds in one go? Only time will tell, but given our track record, it seems maintaining even a little compassion in a culture dominated by couches, crypto, and carryout might just be what we need. Hang tight, everyone. A housing bond might just be on the horizon.

AUTHOR: cgp

SOURCE: The Mercury News