California Proposition 84, Housing and Homeless Bond Measure (1988)

California Proposition 84
Election date November 8, 1988
Topic Bond issues and Housing
Status a Approved
Type Bond issue	Origin State Legislature

California Proposition 84 was on the ballot as a bond issue in California on November 8, 1988. It was approved.

A "yes" vote supported authorizing the issuance of $300 million in bonds to fund emergency shelters, transitional housing, rental housing, rehabilitation and preservation of older homes, and first-time homebuyer purchase assistance.

A "no" vote opposed authorizing the issuance of $300 million in bonds to fund emergency shelters, transitional housing, rental housing, rehabilitation and preservation of older homes, and first-time homebuyer purchase assistance.

Election results

California Proposition 84
Result		Votes	Percentage
Yes		5,428,003	58.18%
No		3,902,220	41.82%

Results are officially certified.

Source

Text of measure

Ballot title

The ballot title for Proposition 84 was as follows:

“

Housing and Homeless Bond Act of 1988

”

Ballot summary

The ballot summary for this measure was:

“

This act provides for a bond issue of three hundred million dollars ($300,000,000) to provide funds for a housing program that includes: (1) emergency shelters and transitional housing for homeless families and individuals, (2) new rental housing for families and individuals including rental housing which meets the special needs of the elderly, disabled, and farmworkers, (3) rehabilitation and preservation of older homes and rental housing, and (4) home purchase assistance for first-time homebuyers.

”

Full Text

The full text of this measure is available here.

Fiscal impact

See also: Fiscal impact statement

The fiscal estimate provided by the California Legislative Analyst's Office said:

“

Direct Cost of Paying Off the Bonds. The state would receive loan repayments under the four loan programs discussed above. These repayments, however, would be used for additional loans, not for repayment of the general obligation bonds. As a result, the state's General Fund would be responsible for the bond principal and interest payments, which typically would be paid off over a period of about 20 years. If all of the authorized bonds were sold at an interest rate of 7.5 percent, the cost would be about $535 million to pay off both the principal ($300 million) and interest ($235 million). The average payment would be about $25 million each year. Borrowing Costs for Other Bonds. By increasing the amount that the state borrows, this measure may cause the state and local governments to pay more under other bond programs. These costs cannot be estimated. State Revenues. The people who buy these bonds are not required to pay state income tax on the interest they earn. Therefore, if California taxpayers buy these bonds instead of making taxable investments, the state would collect less in income taxes. This loss of revenue cannot be estimated.

”

Path to the ballot

See also: Signature requirements for ballot measures in California

A simple majority vote was needed in each chamber of the California State Legislature to refer the measure to the ballot for voter consideration.

The California State Legislature voted to put Proposition 84 on the ballot via Senate Bill 1693 (Statutes of 1988, Ch. 48).

Votes in legislature to refer to ballot
Chamber	Ayes	Noes
Assembly	54	16
Senate	27	3

See also

1988 Measures

• 1988 Measures
• Housing on the ballot
• Bond issues on the ballot
• 1988 legislative sessions

California

• California ballot measures
• California ballot measure laws

News and analysis

• Ballot measure lawsuits
• Ballot measure readability
• Ballot measure polls

External links

• California Voter Guide (November 1988)