Prop 10 is Bad for Veterans
Prop 10 Hurts Affordable Housing for Veterans
Affordable housing projects are already extremely difficult to build due to the limited availability of funding and affordability requirements. Prop 10. would put new burdens on affordable housing developers and take away an already limited ability to operate the property. With no protections for affordable housing development and no requirements that it be built, the initiative puts already challenging and tenuous projects further at risk.
- A USC Study found that 40% of veterans were unable to find housing upon military separation, and many that did found themselves in unstable living arrangements. 10 will further discourage construction and exacerbate the crisis.
- CalVet partners with affordable housing developers on programs like the Veterans Housing and Homeless Prevention Program to build much-needed housing for veterans. Prop. 10 will create more barriers for affordable housing developers that jeopardize their ability to build veteran housing.
- Housing affordability is still a major concern for veterans—34.5% of veterans pay too much for their housing, and 67% of homeless veterans in California are living unsheltered, the highest numbers in the nation. 10 does nothing to help our most vulnerable populations because it fails to target those most in need.
Could Reduce Property Values & Result in Loss of Supplemental Income
Prop 10. changes existing law to open the door for imposing rent control on single family homes, impacting veterans:
- Over 71% of veterans are homeowners. Single-family homes subject to rent control will not be as valuable as homes in jurisdictions that do not impose rent control ordinances. Prop. 10 could reduce property values on impacted properties by 20 percent, and on all other properties by 14%. This will have a real impact on their economic well-being as homes are most people’s single biggest financial investment.
- Almost half of California veterans are 65 and older. Many veterans and seniors choose to rent their single-family homes for supplemental income in their retirement years, or when they are in assisted living facilities. Proposition 10 will threaten their nest eggs and safety-net income.
Takes Jobs Away from Veterans in the Construction Industry
Last year, California veterans held 63,900 jobs in the construction industry. The State’s Independent Legislative Analyst has said that expanding rent control or instituting vacancy control would not increase supply and would “likely discourage new construction. These jobs would be threatened if Prop. 10 were to pass.