Proposition 123 aims to address Colorado's rising cost of living

Election Day is fast approaching, just one day away now.

CBS News Colorado has been letting you know about all the issues on your ballot - not just the major races across the state.

One ballot measure aims to address the rising cost of living in our state.

Colorado is now one of the most expensive states to live in and a lack of housing is one of the biggest reasons.

Proposition 123 would transfer one-tenth of 1% of taxable income - about $290 million every year - from the general fund to an affordable housing fund.

We recently talked to a Denver teacher who says this would make the dream of owning a home real again.

"I cannot afford it right now," high school history teacher Garfield Warren said. "I am trying to limit my budget, so how can I cut even more of my budget so I can put that money away into a house?"

We also talked to the leader of Advance Colorado, a dark-money conservative advocacy group, who says the measure could reduce the money available for existing programs or reduce tax refunds.

"I feel for that teacher, I feel for everybody who is struggling for housing costs right now," said Michael Fields, president of the Advance Colorado Institute. "The solution, though, is not the government to come in and take $300 million of our TABOR refunds and try to create some affordable housing units."