2024 Election Housing Measures: What Passed, What Failed And What It Means For Supply, According To Redfin Chief Economist

Recent elections across the U.S. delivered mixed results for housing initiatives, with voters showing strong support for funding affordable housing while remaining skeptical of rent control measures, according to an analysis by Redfin Chief Economist Daryl Fairweather.

Rhode Island became a standout success story, with voters overwhelmingly approving a record-breaking $120 million housing bond. The measure, nearly doubling the state’s previous housing investment from three years ago, signals growing public recognition of the housing crisis.

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Several major cities also secured funding for affordable housing initiatives. Los Angeles voters approved a new half-cent sales tax for housing development, while Charlotte, North Carolina, passed a $100 million housing bond package. Baltimore followed with a $20 million bond measure for affordable housing projects.

San Francisco’s Proposition G secured $8.25 million annually for low-income rental subsidies, though Fairweather noted it might serve as a temporary fix rather than a long-term solution. “This helps low-income renters in the short term, but without adding more housing, it’s just a Band-Aid on the problem,” she said on X, formerly Twitter.

However, not all housing measures succeeded.

Denver voters narrowly rejected Ballot Issue 2R, which would have generated $100 million annually through a sales tax increase for new housing development. California saw the defeat of two significant proposals: Proposition 33, which would have loosened rent control restrictions and Proposition 5, which aimed to lower the supermajority threshold for housing bonds.

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The rejection of rent control measures extended beyond California. Hoboken, New Jersey voters struck down a proposal to raise rent caps on vacant units. Fairweather views the outcomes as potentially positive for housing supply, stating, “strict rent control keeps existing tenants happy but limits new investment and leads to fewer rentals in the long run.”

Local initiatives employed various approaches to raise housing funds. According to the Institute on Taxation and Economic Policy, communities used diverse funding mechanisms, including sales taxes in Lawrence, Kansas, real estate transfer taxes in Berkeley and Mountain View, California and lodging taxes in several Colorado municipalities.

Berkeley bucked the trend against rent control by approving Measure BB’s 5% rent cap. However, Fairweather and other economists suggest rent control measures could discourage future development. "The best way to stabilize rents is to build more homes," Fairweather said.

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The election results demonstrated that voters recognize the need for housing investment while remaining divided on policy approaches. While many communities showed willingness to fund affordable housing initiatives, rejecting certain measures highlights ongoing debate about the most effective solutions to address housing affordability.

Fairweather emphasized that while the Federal government can aid in the housing crisis, “local initiatives have a profound impact on the housing market, even if they don’t make national headlines.”

The mix of successful and failed measures indicates that while voters broadly support addressing housing affordability, they remain selective about specific policy solutions and funding mechanisms.

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