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Proposition 1

Authorizes Bonds for Housing Affordability Programs

On the ballot

California · November 2026 general election · Bond measure · Election day November 3, 2026
Topics: Bonds and borrowing, Housing

In plain language

Proposition 1 would let the state borrow $11.25 billion through general obligation bonds and spend it on housing affordability programs. The Attorney General's summary allocates $5.1 billion to build and rehabilitate multifamily rental housing, $2.1 billion to acquire or preserve affordable units and provide supportive housing for people experiencing homelessness, $1.25 billion for state-funded mortgages for California veterans, $1.1 billion for homeownership and downpayment assistance, $1 billion for farmworker, tribal, and student housing, $500 million for housing infrastructure, and $200 million for local housing programs. The Legislature placed it on the ballot through Senate Bill 417.

Fiscal impact

Legislative Analyst's Office summary of the estimate of net state and local government fiscal impact: "Increased state cost of $500 million to $600 million annually for about 25 years to repay the housing bond." The LAO notes the $1.25 billion veterans housing program portion would not result in estimated state cost, because those bonds are repaid by participating veterans.

Summarized from the official fiscal analysis listed in the sources below. Figures are the state's, not this site's.

What supporters and opponents say

These are summaries of arguments made by the named organizations, drawn from the sources listed below. They are their claims, not this site's, and this site takes no position on the measure.

What supporters say

  • The ballot argument signed by Anni Chung (Self-Help for the Elderly), Jeffery Freitas (California Federation of Teachers), and John H. Ing (US Vets) says Proposition 1 would fund homes for veterans, seniors, people with disabilities, and working families without raising taxes, and points to the $1.25 billion dedicated to veterans through the existing CalVet Home Loan Program.
  • Supporters listed in the official argument — including Habitat for Humanity California, California Alliance for Retired Americans, Housing California, and the California Housing Consortium — say the measure would speed construction of affordable homes and help prevent homelessness.
  • Michael Blecker of the California Association of Veteran Service Agencies is quoted in the argument saying California has one of the largest homeless veteran populations in the nation and that the measure would provide housing for them.

Attributed to California Federation of Teachers, Self-Help for the Elderly, U.S.VETS.

What opponents say

  • No argument against Proposition 1 was submitted for the Official Voter Information Guide.

Attributed to the sources cited below.

Sources

Everything on this page traces to these sources. Follow them to read the original documents.

Last updated . How this page is sourced and corrected is described in the correction policy.