California, which has the US’s highest rate of homelessness, will likely ask voters to approve billions of dollars more in spending to help address a crisis that’s spilled onto the streets of every major city in the state

3/21/2023

California, which has the US’s highest rate of homelessness, will likely ask voters to approve billions of dollars more in spending to help address a crisis that’s spilled onto the streets of every major city in the state, per Bloomberg.

Governor Gavin Newsom plans to ask the Democratic-controlled California legislature to put a measure on the November 2024 ballot seeking to issue a $3 billion bond to pay for construction of mental-health treatment centers capable of serving at least 10,000 people a year.

Newsom also wants to divert $1 billion a year from an existing 1% tax on people earning at least $1 million to fund mental health and drug-addiction services, per Bloomberg.

California’s homeless population has swelled to roughly 171,510 people, per Bloomberg.

After years of budget surpluses, the state’s financial fortunes are turning, with a projected $22.5 billion budget deficit.

Los Angeles voters passed an initiative to increase the transfer tax on property deals valued at $5 million or more to raise money for affordable housing. It takes effect April 1.

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