Over the last several years, we’ve seen our state grow in ways that are both immediately beneficial but also present short-term challenges to overcome. Chief among those challenges, in every corner of the state, is the availability of affordable places to live. A vasy majority of Coloradans, 86%, say we must address this housing crisis now. Thankfully, there is a solution on the ballot this November – Proposition 123 – and it’s important that Coloradans have the facts to make the decision that is right for them and for the communities that they care about.

RELATED: Even key Dems dis Prop. 123; vote NO

Proposition 123 does not raise taxes. Instead, it will use up to 0.1% of the state’s existing income tax revenue to solve our housing crisis. By voting yes, voters ensure that a portion of the state budget is set aside to fund programs that will make housing more affordable for working people by providing down-payment assistance for first-time homebuyers, lowering rent and building more affordable housing.

With this funding, we can: expand home ownership opportunities for our vital workforce; help renters build wealth to become homeowners; require prioritized local review of building approvals; and empower local governments to make choices for their communities that could increase the number of homes Coloradans can afford by 3% every year.

And what does allocating this money from our existing tax rates mean for Colorado’s precarious budget? The dollars for this vital program would come from above the arbitrary spending cap set in TABOR. These funds should be available to solve challenges that impact us all. This year, state revenues are $3.5 billion over that limit and our legislature chose to direct $750 checks to every Colorado taxpayer from this fund. Next year, some of these dollars will be used to reimburse counties for lower property tax assessment rates.

Because TABOR ends up artificially limiting spending growth to less than the rate of normal revenue growth under our existing tax rates, TABOR surpluses will continue to grow so long as we don’t reduce taxes or experience extraordinary economic events. That means over the long haul we have the resources to fund this important priority without compromising other budget priorities like funding our schools. In the extraordinary circumstance that state revenues fall below the TABOR cap, the legislature has the power to temporarily reduce this funding.

The ability to shut off or reduce the dollars for housing affordability is strikingly different than another proposal on this year’s ballot, Prop 121, which would permanently eliminate $400 million of revenue from the community table. 

When it comes to affordable housing, Colorado is at a tipping point. If recent trends continue, the median single-family home in Colorado will cost nearly $1.7 million in 2032, while rent could balloon to $2,700 per month. These numbers are simply out of reach for the firefighters, nurses, teachers and other hardworking people we all depend on to keep our communities safe, healthy and prosperous for us, our kids and generations to come. Another report conducted by the Colorado Futures Center recently confirmed that the housing market will not simply resolve itself. 

Let’s cut through the noise this election season and make informed decisions based on the facts. Public dollars from our existing tax rates should be used to fix public problems. Proposition 123 is precisely that – a common sense solution to a problem that affects us all that we can’t wait any longer to address.

Scott Wasserman has served as president of the Bell Policy Center and the Bell Action Network since August 2016.