By Rachel Lampert
Proposition 5 could have drastic upcoming results. The main voter guide for Prop 5 says, “Allows local bonds for affordable housing and public Infrastructure With 55% Voter Approval. Legislative Constitutional Amendment.” Therefore, this proposition could cover many aspects. If the proposition is passed by the state of California, this would have the outcome of a decrease in local-based bonds down to 55%. This could be seen as an improvement for communities. Liam Dillion from the Los Angeles Times writes. “Since 2002, local governments and special districts in California have put 151 bond measures before voters, according to Michael Coleman, a municipal finance consultant who tracks the issue. Just more than half passed, securing the two-thirds margin necessary. Had 55% instead been the threshold, 86% of the bond measures would have been approved.”
Los Angeles Times– Gabrielle LaMarr LeMee who is a analyzing the data of these ballot measures which are done statewide alongside the other propositions being held into accountability. LaMarr LeMee mentions. “Supporters contend that changing the required majority from two-thirds to 55% will make it easier for voters to approve government financing for needed housing and other public projects. Groups opposing the measure argue it will lead to increased government spending and result in higher taxes. Real estate interests are opposing the measure along with the rent control measure, Proposition 33.”
Please contact the Los Angeles Area Chamber of Commerce (213)-580-7500 for more information.
References:
California Secretary of State. (2024). Proposition 5: Allows local bonds for affordable housing and public infrastructure with 55% voter approval. Legislative constitutional amendment. Official Voter Information Guide. https://vigarchive.sos.ca.gov/2024/general/propositions/5/
Dillon, L. (2024, October 4). Prop. 5 could unleash a flood of new affordable housing, road repairs, fire stations—and tax hikes. Los Angeles Times. https://www.latimes.com/homeless-housing/story/2024-10-04/proposition-5-could-unleash-a-flood-of-new-affordable-housing-road-repairs-fire-stations-and-tax-hikes
LaMarr LeMee, G. (2024, September 27). Track the money for Prop 5: Contributions for and against housing and infrastructure bonds. Los Angeles Times. https://www.latimes.com/politics/story/2024-09-27/proposition-5-money-support-opposition-californias-statewide-ballot-measure
Los Angeles Area Chamber of Commerce. (2024, September 16). Board brief: From the president & CEO’s desk September 16, 2024. https://lachamber.com/newsletters/board-brief/board-brief-from-the-president-ceo-s-desk-september-16-2024/