In addition to providing support for thousands of low-income residents in California, Proposition 46, a $2.1 billion housing bond referendum on the statewide ballot next month, would strike a blow against a practice that many builders and developers nationwide consider unfair: inclusionary housing.
"The bond would make real money available for affordable housing as opposed to having builders and their customers subsidize these fantasyland programs," says Mick Pattinson, president of the California Building Industry Association and CEO of Barratt American Inc. in Carlsbad. "Right now what is being done in California is falling back onto the shoulders of new home buyers. It drives up the cost of housing to levels that people cannot afford."
Former state senator John Seymour, who is spearheading passage of Prop 46, said that as of mid-September the measure was supported by 57% of all voters in polls. If it passes, $495 million would help 65,000 families own homes, $200 million would be set aside for mortgage insurance assistance, and $910 million would go toward the construction of 22,000 permanently subsidized rental apartments. In addition, $100 million would fight NIMBYism by providing incentives for local governments to approve affordable housing.
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