presents
Voter’s Edge California
Conozca la información antes de votar.
Presentado por
MapLight
League of Women Voters of California Education Fund
November 6, 2018 — Elección General de California
Local

City of San Jose
Measure V - 2/3 Approval Required

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Resultados electorales

No se aprueba

177,525 votos si (64.01%)

99,816 votos no (35.99%)

100% de distritos activos (501/501).

305,222 boletas electorales serán contadas.

To provide housing affordable for: working families; veterans; seniors; teachers, nurses, paramedics, and other workers; and helping homeless residents get off of local streets and out of neighborhood parks and creeks; Shall San José issue $450,000,000 in general obligation bonds with an average levy of 8 cents per $1,000 of assessed value, averaging $26,217,000 annually until repaid, requiring community oversight and annual audits?

¿Qué es esta propuesta?

Pros y Contras — Explicación objetiva con argumentos a favor y en contra

Fuente: Pros y contras: League of Women Voters of California

La pregunta

The Question:  To provide housing affordable for: working families; veterans; seniors; teachers, nurses, paramedics, and other workers, and helping homeless residents get off local streets and out of neighborhood parks and creeks; Shall San José issue $450,000,000 in general obligation bonds with an average levy of 8 cents per $1,000 of assessed value, averaging $26,217,000 annually until repaid, requiring community oversight and annual audits?

La situación

Background:  The City of San Jose and surrounding areas are experiencing soaring housing costs and high levels of homelessness.  Our metro area is the nation’s second most costly rental and housing market.  In 2016 Santa Clara County voters approved a $950 million housing bond that allocates 85% to residents at or below 50% of average median income (AMI; i.e. <=$44,650 for family of 2), 10% for moderate income housing (up to 120% AMI; $102,800), and 5% for first time homebuyers, leveraging private investment and state funding.  While market-rate housing construction is at 72% of the city’s goal, housing for moderate income housing is at only 5% of the goal.  Voters last approved general obligation bonds in 2000 (for parks) and 2002 (for library and public safety).  As of June, the City had $382.8 million in general obligation debt, 1.3% of the taxable property value.  City charter limits are 15%.

La propuesta

The Proposal:  Measure V would authorize the City to issue up to $450 million in general obligation municipal bonds to fund housing affordable for working families, veterans, seniors, teachers, nurses, paramedics and other workers, individuals with disabilities, domestic violence survivors, and homeless individuals.  Despite the availability of new funding sources such as the County’s Measure A, there is still a need for $548 million to meet the affordable housing production goal established by the Council in 2017.  Bond funds could be used for projects involving land, new housing construction, acquisition and rehabilitation of existing apartments or homes, and issuing the bonds.  Measure V requires issuing, at a minimum, $150 million of the $450 million for projects for families and individuals earning up to 30% of the AMI (up to $31,950 for a family of 2), and $75 million for households of moderate income earning 81% to 120% of AMI ($75,600 to $120,200 for a family of 2).  The remaining can go to households earning between 31% and 80% of AMI.

Efectos fiscales

Fiscal Effects:  Principal and interest for General Obligation bonds are paid off by assessing property taxes; the projected levy would be 8.2₵ per $1,000 of assessed value, or $41.00 per $500,000 of assessed property value.  The levels fluctuate depending on rolling bond sales and assessed land values, and would end after all bonds are repaid, expected in 2056-2057.  Bond funds would be deposited in separate accounts with an annual audit and public report; the City Council would appoint a Community Oversight Committee composed of City residents.

Sus partidarios dicen

Supporters Say: 

-        Measure V provides housing that is affordable in San Jose – for working families, veterans, seniors, teachers, nurses, and paramedics.

-        It helps homeless residents get back on their feet, both to address issues of health, public safety, blight, and public nuisances, and because it’s simply the right thing to do.

-        It is fiscally prudent, leveraging private investment and state funding, saving us $19,282 for each homeless person using public services who is housed, and enabling more workers to live in the community they serve.

-        Supporters include the Mayor and 9 City Council members, The Health Trust, League of Women Voters, Housing Trust Silicon Valley, Laborers Local 270, and several city leaders

For more information: 

In support:  www.VoteAffordableSJ.org

Sus oponentes dicen

Opponents Say:

-        A significant reason why we don’t have affordable housing is San Jose City policies that restrict new construction of affordable housing.

-        Supply hasn’t kept up with demand because of too much government: zoning laws limit density, banking laws restrict lending, and building codes add unnecessary costs.

-        So far there has been no low-income housing project solely funded by the tax increase imposed by the County after passage of the 2016 measure.

-        Opponents include Silicon Valley Taxpayers Association and the Libertarian Party of Santa Clara County

For more information: 

In opposition:  www.SVTaxpayers.org/2018-measure-v 

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