No on California Proposition 3

Prop 3 authorizes $8.9 billion in general obligation bonds for water projects, similarly to June’s Prop 68. I voted “no” on Prop 68 — which passed with 57 percent of the vote — because it unnecessarily took $4 billion plus interest out of the General Fund and its primary uses like education and healthcare. Prop 3 will be paid out of the General Fund to the tune of $430 million per year, or 0.35 percent of the current General Fund, for the next 40 years. As I’ve elaborated on in my No on Prop 1 endorsement this cycle, this not only cuts away at priorities, but also worsens governance as legislators lack tools to evaluate and revise spending.

The hodgepodge of projects that Prop 3 would fund can be funded through the normal legislative channel of the General Fund. For nearly $9 billion in spending, Californians deserve to know how the projects are working, and to change direction as needed.

Economist. Founder and president of the UBI Center. Studied at MIT and UC Berkeley. YIMBY. Former Google data scientist.