California voters have approved Proposition 38, allowing for $8.4 billion in state borrowing for immunology research. Of this, $4.2 billion is designated for a nonprofit institute, likely the California Institute for Immunology and Immunotherapy, which has only three employees. The measure has faced scrutiny due to its connections to billionaire Gary K. Michelson, who funded the campaign and wrote the proposition. Critics question the financial viability of the project, while supporters argue it will bolster California's medical research capabilities.
Key facts
- Proposition 38 passed with 55.1% support.
- $4.2 billion is allocated to a nonprofit institute with three employees.
- The California Institute for Immunology and Immunotherapy is the likely recipient.
- The bond borrowing will cost taxpayers approximately $12 billion with interest.
- Annual payments of $500 million to $600 million will be required over 20 years.
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