The largest share of the borrowed funds would go toward building and renovating multi-unit housing through a loan program administered by state officials. Apartment units would be reserved for those with incomes below the median level in their community. A number of projects are envisioned for funding from these bonds, including housing near public transit in urban areas and help for farmworkers in rural areas.

One billion dollars of the bond money would be set aside to help provide home loans to military veterans.

Other than detractors of bond measures on the principle of government debt, the only real criticism of Proposition 1 is that it wouldn’t provide enough to alleviate California’s housing woes. That’s true — the problem is far bigger — but supporters say it’s a step in the right direction.