Vote NO on Proposition 5! Avoid Increased Property Taxes!
On the 2024 California ballot, if passed Proposition 5 has the potential to impact property taxes and housing affordability in Compton.
Proposition 5 proposes lowering the approval threshold for local governments to pass bond measures from two-thirds to 55% if those funds are dedicated to public infrastructure projects or affordable housing.
What does that mean?
In simple terms, Proposition 5 is asking if California voters (including you, Compton residents) want to make it easier for local governments (like cities or counties) to borrow money by issuing bonds for projects like affordable housing and improving roads, parks, or other infrastructure.
Currently, to pass these bonds, a large majority of voters (67% = two-thirds) must approve. Proposition 5 would reduce this requirement to just over half (55%).
If Proposition 5 passes, it would be easier for local governments to get the public's permission to borrow money (creating larger dept to their budget) for affordable housing projects and public infrastructure projects such as improving roads, parks, etc., but this borrowing would surely be paid back through increased property taxes (making residents pay back the dept through increased property taxes), which could mean higher property taxes for homeowners and higher property prices for buyers over time.
If "Proposition 5" passed, this would make it easier for cities and counties to issue bonds, which are generally repaid through property tax increases.
The "claimed" goal is to address housing shortages and improve local infrastructure; however, increased borrowing could lead to:
property tax hikes for homeowners,
increased property prices,
higher rents for tenants as landlords pass on these costs
Citizens Coalition for Change opposes Proposition 5 on the 2024 California ballot!
The affordability of housing in Compton, CA, is already a huge problem for first time buyers. Particularly larger lot sizes have generally been rising in Compton exponentially. For an average family in the area—particularly Black and Latino families, whose median incomes are often lower than Los Angeles County's average—housing is indeed becoming extremely challenging to afford.
In 2023, the median household income in Compton was around $56,000, while larger homes or lots often exceed $700,000, making affordability a significant issue for many families in the area. https://www.movoto.com/compton-ca/lot-8000-0/boundary-1/
Proposition 5 could indirectly lead to an increase in property sales prices.
Here’s why:
When property taxes rise to cover new bond measures for housing and infrastructure, the cost of owning property becomes more expensive. This shifts overall market prices upward as property taxes are often factored into a home’s long-term affordability.
Moreover, if Proposition 5 helps increase funding for local infrastructure and affordable housing projects, these improvements can boost local property values, making the area more attractive to buyers. With enhanced infrastructure or community development, demand for housing in these areas may rise, potentially driving up property sales prices in affected regions.
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