New housing construction in a neighborhood on the outskirts of west Fresno on June 15, 2023. (Larry Valenzuela / CalMatters/CatchLight Local) California voters approved Proposition 37, an unprecedented revenue bond that supporters say will make homeownership more accessible for hundreds of thousands of aspiring…

The two borrowing measures — Propositions 1 and 37 — tackle the state’s affordable housing crisis in very different ways and by targeting very different constituencies.