VOTE NO
Summary:
Proposition 5 aims to lower the voter threshold required to pass local bonds for funding affordable housing and public infrastructure projects. Currently, a two-thirds majority (66.67%) is needed for such bonds to be approved by voters. Proposition 5 would lower this requirement to 55%, making it easier for local governments to raise funds. Proponents argue that this measure would empower communities to tackle housing and infrastructure issues more effectively. Critics, however, raise concerns about increased local debt and the potential for higher property taxes.
Why We Do Not Support Proposition 5:
Thrive LA PAC opposes Proposition 5 because it weakens taxpayer protections established under Proposition 13, which was designed to limit property tax increases. Lowering the threshold for bond approval would make it easier for local governments to take on debt, ultimately increasing property taxes for homeowners and businesses. This could place an undue financial burden on the community, particularly in a state where residents already face high housing costs. While addressing housing and infrastructure issues is important, Thrive LA PAC believes in fiscally responsible solutions that do not erode protections for property owners or increase long-term debt obligations for future generations.