The problem Proposition 53 aims to solve is speculative, but the damage it could inflict is very real

The California Constitution bars state and local governments from issuing tax-supported bonds unless they obtain voters' approval in advance. It sets a particularly high bar for local measures, requiring a two-thirds majority (although state voters in 2000 lowered that threshold to 55% for school bonds). Notably, this requirement does not apply to bonds designed to be repaid by user fees, lease payments or other forms of non-tax revenue. Governments have used these "revenue bonds" to pay for a host of infrastructure improvements, from new parking structures to sewer systems, hospitals, toll roads and bridges. And they have done so without seeking voter approval, even for projects costing more than 1 billion.