Advocates, State Treasurer Push for Housing Bond Increase

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SACRAMENTO -- A coalition of affordable housing advocates joined State Treasurer John Chiang to push to increase a housing bond proposal to $9 billion.

Chiang says the state can afford it after he refinanced existing bonds to save the state billions in interest payments.

Proponents cited a poll showing Californians would support bonds for housing. The state has a housing shortage of about 1.5 million units.

Chiang says the shortage, along with rapidly rising housing costs, has hurt the economy and lowered the state's credit rating.

Governor Jerry Brown has consistently tried to reduce state debt, but bond supports say housing should have the same funding priority as education and healthcare.