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Both the University of California and the California State University will receive $175 million in funding to build affordable student housing after voters approved the Proposition 1 housing bond earlier this week.
Prop. 1, which passed with nearly 60% of the vote, authorizes the state to issue $11.25 billion in general obligation bonds to finance the construction of more affordable housing and support low-income families, veterans and others buy homes. Of that money, $350 million has been carved out for student housing at public four-year universities.
For California students, housing costs are one of the major financial burdens they encounter during their studies due to the state’s high cost of living. According to a California Student Aid Commission survey, about 1 in 4 students in the state recently reported feeling unable to afford housing and utilities.
“As the University of California works with the state to enroll more California students, the demand for affordable student housing has risen,” UC President James B. Milliken said in a statement. “This historic investment will enable the construction of necessary and new housing on our campuses.”
In the last five years, California has made significant investments in student housing, which the state had previously not financed. Since 2021, California has spent over $2 billion to help build 34 student housing projects across the state. UC campuses have received $700 million of the dollars provided through the Higher Education Student Housing Grant Program, which have resulted in construction of thousands of new student beds.
State lawmakers celebrated the passage of the bond measure as progress in California’s ongoing fight to reduce housing costs for students.
Kai Wang, a student housing officer with the UC Student Association, said in a statement, “This measure will authorize several shovel-ready projects across our 10 campuses, placing thousands of our students in beds as they pursue their postsecondary education and strengthen California’s workforce.”
This story was originally published by EdSource.