In May of this year, Newsom announced that $12 billion, the biggest investment by any state, would be spent to fight homelessness. Housing advocates say that’s not nearly enough. For example, Matt Schwartz, the head of the California Housing Partnership, says that over the next decade the state needs to create 1.2 million more homes for low-income residents and those experiencing homelessness — which would cost roughly $17.9 billion annually.