California ballot measure · November 3, 2026

California Proposition 1, explained

Housing affordability and veterans housing bond. A ballot measure is a yes-or-no question put directly to voters — no candidate is involved, and the wording on the ballot is the wording that becomes law. This page shows that wording first, then what it actually changes.

The official wording

AUTHORIZES BONDS FOR HOUSING AFFORDABILITY PROGRAMS. LEGISLATIVE STATUTE. Authorizes $11.25 billion in state general obligation bonds for housing affordability programs, including multifamily rental housing, mortgages for veterans, supportive housing, preservation of existing affordable housing, and downpayment assistance. Fiscal Impact: Increased state cost of $500 million to $600 million annually for about 25 years to repay the housing bond.

This is what appears on the ballot. Everything below explains it.

What it actually means

Lets the state borrow $11.25 billion by selling bonds. $10 billion would go to state housing programs, mostly loans and grants for rental housing reserved for lower-income households, and would be repaid from the state's General Fund. The other $1.25 billion would fund home loans for veterans, repaid by the veterans' own loan payments.

If you vote YES

The state could sell $10 billion in bonds for housing programs: $7.2 billion for affordable rental housing (including $150 million for youth housing), $1.1 billion for homeownership help, $500 million for housing-related infrastructure, $450 million for farmworker housing, $350 million for University of California and California State University student housing, $200 million for tribal housing and $200 million for local pilot programs.
The state could sell $1.25 billion in bonds for the CalVet home loan program for veterans, repaid by the veterans' mortgage payments.
The state would pay an estimated $500 million to $600 million a year for about 25 years to repay the $10 billion housing portion.
The Legislative Analyst estimates the money would subsidise up to 40,000 rental units, about 2,500 farmworker units and about 1,200 student beds, and help up to 40,000 households, including about 2,100 veterans, with homeownership.

If you vote NO

The state would not sell these bonds. Housing programs would continue to depend on money the Legislature sets aside in each year's budget and on bonds voters approved earlier, the most recent being a $2 billion housing bond in 2024.
The CalVet home loan program would continue with its existing bond authority; its last new bond was $1 billion approved in 2018.
The state would not take on the $500 million to $600 million a year in repayments.

The numbers that matter

Total borrowing: $11.25 billion
Annual repayment cost: $500 million to $600 million for about 25 years
Share of General Fund budget: About 0.25% a year

Why supporters say YES

California has a housing shortage driving the nation's worst affordability crisis; the bond would build and preserve homes for veterans, seniors, people with disabilities and working families without raising taxes, with public reporting on how many homes are built and at what cost.
— Official argument in favor, signed by Self-Help for the Elderly, the California Federation of Teachers and US Vets
Two-thirds of lower-income renters are rent-burdened and the state is 1.2 million units short of the affordable housing it needs; programs that have delivered results should be funded now rather than later.
— Assemblymember Buffy Wicks, co-author of the bill

Why opponents say NO

With a record budget and record revenue, the state should pay for veterans' and affordable housing directly rather than borrowing; the underlying problem is rules, regulations and debt that limit how much housing gets built.
— Assemblymember David Tangipa
Only $1.25 billion of the $11.25 billion is for veterans, and paying interest to investors makes bonds an expensive way to fund ongoing programs rather than paying for them from the budget.
— Howard Jarvis Taxpayers Association voter guide

What’s genuinely uncertain

No argument against Proposition 1 was submitted for the official voter guide. The opposing views above come from a Republican legislator and the Howard Jarvis Taxpayers Association, as recorded by Ballotpedia; no organised No campaign committee was identified.
How many homes are actually built depends on how the bond money combines with federal tax credits and other public funding, and on construction costs over the years the money is spent.

The bottom line

More public money for affordable and veterans housing now, against about $500–600 million a year in General Fund repayments for 25 years.

One neutral sentence describing the tradeoff — not a recommendation.

Sources:vig.cdn.sos.ca.gov voterguide.sos.ca.gov ballotpedia.org

Checking it against the official text

The California Secretary of State publishes the certified measures and, in most states, an official voter guide with fiscal notes. That is the authoritative version. Everything here is an explanation of it, not a substitute for it.

Confirm this with the official source

Your ballot is determined by your election authority, not by us. Verify your registration, precinct, and sample ballot at California Secretary of State.

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