Legis
Housing
California proposition · On the ballot Tuesday 3 November 2026
Proposition 1
Legislative statute

Authorizes Bonds for Housing Affordability Programs

Authorizes $11.25 billion in state bonds for affordable housing programs and veterans’ home loans.

The measure would fund rental housing, homeownership assistance, housing-related infrastructure, and housing for specified groups. The Legislative Analyst estimates repaying the $10 billion housing-program bond would cost the state General Fund $500 million to $600 million annually for about 25 years.

What it does ​

  • Authorizes $10 billion in general obligation bonds for affordable rental housing, homeownership, infrastructure, farmworker, tribal, student, and local housing programs.
  • Authorizes $1.25 billion in general obligation bonds for veterans’ farm and home purchase loans.
  • Allocates $5.1 billion for multifamily rental housing and $1.15 billion for supportive housing, including $150 million for youth housing.
  • Provides $1.1 billion for homeownership programs, $500 million for housing infrastructure, $450 million for farmworker housing, $200 million for tribal housing, $350 million for University of California and California State University student housing, and $200 million for local housing trust fund and pilot programs.
  • Requires annual public reporting on investments funded by the affordable-housing bonds.

Who it affects ​

  • Low-income households seeking rental housing or homeownership assistance.
  • People experiencing homelessness or at risk of homelessness, including current or former foster youth.
  • Veterans seeking state farm and home purchase loans.
  • Farmworkers and their families, tribes, and University of California and California State University students.
  • Local governments, housing trust funds, nonprofit organizations, and housing developers that receive program funding.

Context ​

California currently uses grants and low-cost loans to help local governments, nonprofits, and private developers build housing that is generally reserved for low-income Californians. The state also operates a veterans home loan program, and statewide general obligation bonds have previously funded housing and veterans home loans.

A yes vote means ​

A yes vote would authorize $11.25 billion in state general obligation bonds for specified affordable housing programs and veterans’ home loans.

A no vote means ​

A no vote would leave the state without this $11.25 billion bond authorization for the specified housing programs and veterans’ home loans.

Fiscal effect ​

The Legislative Analyst's Office estimates:

  • Increased state cost of $500 million to $600 million annually for about 25 years to repay the housing bond.

Official sources ​