Three of the biggest housing bonds in state history are bound for the 2024 ballot.
that will already crowd the 2024 ballot, bond measures can only be put before voters with a vote by the Legislature and approval of the governor.
“We want to make sure that we’re presenting a ballot to the electorate, in as much as we have the ability to, that is thoughtful and aims to tackle some of our tougher challenges, but in a way that doesn’t confuse voters with, like, ‘Here are your ten opportunities to vote for housing,’” said Wicks. “I anticipate over the next probably two or three months that we’ll start landing some of these planes.
The Legislature is considering as many as ten borrowing measures for either the March primary or November general election next year. Among them are competing school bonds, climate and flood protection proposals and a. Though it isn’t likely that all will make the cut, taken together, they come with a collective debt of at least $80 billion, with the price tag on one proposal still undetermined.
One measure — the ratio of the state’s annual debt payments to the budget’s discretionary “general” fund — currently sits at roughly 3.5%, depending on how you measure it. That’s a tad high compared to other large states, but it’s far lower than it has been in the past. Keeping that figure below 6% is “generally considered prudent,” said H.D. Palmer, a spokesperson for the California Department of Finance.
A more recent example of bond failure: The March primary election in 2020, when voters rejected what would have been the largest school bond in California history, a $15 billion IOU. One of the As a matter of fiscal reality, the two major housing proposals — the affordable housing measure and the Newsom-backed mental health bond — are dipping from the same pool of fiscal overhead and electorate will.
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