Proposition Successes a Business Boon
However you may have wanted the local, state and federal office elections to go, the vote count for the statewide ballot initiatives was sure to bring a smile to your face.
The approval by voters of Propositions 46, 47 and 49 was a boon to California business. Though not immediately identifiable as business-related initiatives, each proposition will help build the infrastructure of quality education and reasonably-price housing that are needed for economic growth.
Prop. 46 authorizes the state to sell $2.1 billion in general obligation bonds, most of which will go toward construction of multi-unit rental housing.
The California Chamber of Commerce calls such affordable housing an “essential part of the economic mix in California, yet the supply has been failing far short of the demand for more than a decade.”
Prop. 47 authorizes $13.05 billion in general obligation bonds to reduce classroom overcrowding and make safety improvements to schools, colleges and universities statewide.
Prop. 49 makes state grants available to elementary and junior high schools to provide after-school programs for students.
Both initiatives will help economic growth by creating safe environments for our children and young adults to learn in.
“A well-educated workforce is essential to the state’s economic success, and building that workforce begins in the classroom,” said chamber President Allan Zaremberg.
We couldn’t agree more.
, Martin Hill