California could borrow a record-breaking $35 billion to tackle the housing crisis. Will voters go along?

California voters regularly name out-of-reach housing costs and homelessness as among the most important issues facing the state.

Now lawmakers are calling their bluff. Next year the electorate will likely get the chance to put unprecedented gobs of money where its mouth is. 

There’s the $10 billion bond proposal, spearheaded by Oakland Democratic Assemblymember Buffy Wicks and currently slated for the March ballot, that would replenish the coffers of some of the state’s premier affordable housing programs. If a majority of voters approve, it would be the largest housing-related IOU that California has issued...