Proposition 1C is the third of five of the Governator’s infrastructure bills on the November ballot. Titled “Housing and Emergency Trust Fund Act of 2006”, it’s yet another monstrous bond act. This measure would allow the issuance of $2.6 billion of bonds, used for housing for battered women, low-income seniors, and similar uses.
While the goals of the initiative are laudable, this bond would cost $204 million a year for the next 30 years (for repayment). As Assemblyman Chuck DeVore (R-Irvine) notes, “[it] grows bureaucracy with almost $3 billion in borrowed money, burdening everyone with debt to benefi t a small number of people selected by government, including financially eligible illegal immigrants.”