State ballot results: California housing bond passes, Florida tightens assessment cap on apartments

Voters in several states decided housing-related ballot measures in the November midterms, Multifamily Dive reported. California approved Proposition 1, an $11.25 billion housing bond with about $7.2 billion for affordable multifamily programs according to the National Apartment Association, while Proposition 45, which would have sped up environmental review for housing, narrowly failed. Florida's Amendment 3 lowers the annual cap on assessed-value increases for non-homestead property such as apartment buildings from 10% to 5%, and Rhode Island approved $120 million in affordable housing bonds. Massachusetts voters narrowly rejected Question 7, which would have required jurisdictions to allow single-family homes on smaller lots.