Proposition 1: Housing bond$11.25 billion in borrowing for affordable housing and veterans' home loans
Read the full text of the measure: Official Voter Information Guide (PDF)
In plain words
"Bonds" means borrowing the state pays back with interest. This lets the state borrow $11.25 billion. About $10 billion is for housing programs, paid back from the state's main budget; $1.25 billion is for home loans to veterans, which the veterans pay back. The biggest pieces are $5.1 billion to build and fix up apartment buildings for renters and $2.1 billion to buy or preserve affordable homes and house people who are homeless. (sos.ca.gov (Official Voter Information Guide) )
Before and after
| Question | Today | If it passes |
|---|---|---|
| New state borrowing for housing | None approved on this ballot (the last housing bond, in 2024, was $2 billion) | $10 billion for housing programs |
| Veterans' home loans (Cal-Vet) | Last bond was $1 billion in 2018 | $1.25 billion more, repaid by the veterans who borrow |
| Biggest uses | Not applicable | $5.1 billion to build or fix up rental apartments; $2.1 billion to buy or preserve affordable homes and supportive housing |
| Yearly cost to repay | None | $500 million to $600 million a year for about 25 years |
Numbers from the official ballot title (ballot title ); also see (sos.ca.gov (Official Voter Information Guide) )
Example
Illustration only: $550 million a year spread over about 39 million Californians is about $14 per person per year, for about 25 years. The money comes from the state's main budget, not a new tax. (sos.ca.gov (Official Voter Information Guide) )
Biggest change
- $5.1 billion to build and fix up rental apartments; $2.1 billion to buy, fix up or preserve affordable homes and supportive housing for people who are homeless; $1.1 billion for homeownership and down-payment help; $1 billion for farmworker, tribal and student housing; $500 million for housing infrastructure; $200 million for local housing programs. source: sos.ca.gov (Official Voter Information Guide)
- $1.25 billion for veterans' home loans, which borrowers repay, so the Legislative Analyst finds no direct state cost for that part. source: sos.ca.gov (Official Voter Information Guide)
Who it affects most: Low- and middle-income renters, first-time home buyers, farmworkers, students, tribes and veterans who use the programs; all taxpayers share the repayment through the state budget.
Cost to the state: Increased state cost of $500 million to $600 million each year for about 25 years to repay the bond (about one-fourth of 1 percent of the state's main budget), according to the Legislative Analyst.
Our plain-words summary. Every line points to its source.
What your vote means
The state can borrow $11.25 billion for affordable housing and veterans' home loans, repaid at about $500 million to $600 million a year.
The state does not borrow this $11.25 billion for housing and veterans' home loans.
Our one-line summary. The official "What your vote means" statements are in the Secretary of State's Official Voter Information Guide, linked below.
Why people want it, and why others object
Why this is on the ballot
The Legislature put this on the ballot. It changes a state law, which lawmakers can later change. It passes with a simple majority.
- The Legislature placed it on the ballot. It passed the Senate 29 to 2 and the Assembly 61 to 7. source: sos.ca.gov (Official Voter Information Guide)
- The state uses general obligation bonds (borrowing paid back from the main budget) for housing. The last housing bond, in 2024, gave $2 billion; the last veterans' home loan bond, in 2018, gave $1 billion. source: sos.ca.gov (Official Voter Information Guide)
Why supporters want it
- Official argument in favor: "Prop. 1 builds affordable homes for veterans, seniors, people with disabilities, low- and middle-income working families." Signed by Anni Chung (Self-Help for the Elderly), Jeffery Freitas (California Federation of Teachers) and John H. Ing (US Vets). source: sos.ca.gov (Official Voter Information Guide)
- Supporters say the state needs more housing money to help its more than 180,000 homeless residents and people who cannot afford rent or a home. source: CalMatters
Why opponents object
- No argument against Proposition 1 was submitted for the official voter guide. source: sos.ca.gov (Official Voter Information Guide)
- Some Republican state lawmakers say the bond uses veterans to build support while doing little for them, and that more borrowing does not fix why housing costs so much to build. source: CalMatters
Who backs each side
- For: Gov. Gavin Newsom, the California Democratic Party, the California Apartment Association and the California Labor Federation (AFL-CIO), per CalMatters; the guide lists US Vets, CA Federation of Teachers, Self-Help for the Elderly, Habitat for Humanity CA and CA Alliance of Child & Family Services. source: voterguide.sos.ca.gov (Secretary of State)
- Money (Secretary of State, through Oct. 6, 2026): three committees in support reported $12,789,950 in all, the largest "Yes on Prop 1 Californians for Homes, Jobs and Affordability 2026" ($11,383,978). No opposing committee was identified. source: sos.ca.gov (Secretary of State)
In each side's own words where we could find them, quoted or summarized with a link to the source. We don't endorse either side.
What you will see on your ballot
Official ballot wording, word for word (tap to open)
The official ballot title, word for word from the Secretary of State's Official Voter Information Guide .
AUTHORIZES BONDS FOR HOUSING AFFORDABILITY PROGRAMS. LEGISLATIVE STATUTE.
YES
NO
Official title copied word for word from the Official Voter Information Guide (page 14). The title and summary are prepared by the Attorney General.
Official summary by the Attorney General (tap to open)
Authorizes $11.25 billion in state general obligation bonds for housing affordability programs, including for California veterans, and to finance housing development projects seeking federal tax credits. Allocates funds: $5.1 billion to build and rehabilitate multifamily rental housing; $2.1 billion to acquire, rehabilitate, or preserve affordable housing units, and provide supportive housing for those 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 to support local housing programs.(sos.ca.gov (Official Voter Information Guide) )
Latest news
Recent reporting from a range of outlets, newest first. We link to it; we don't endorse it.
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Full text of the measure
The full text of the proposed law is printed in the Official Voter Information Guide. Read it in the Official Voter Information Guide (PDF) , or on the Legislature's page for Senate Bill 417 (Chapter 16, Statutes of 2026), the Veterans and Affordable Housing Bond Act of 2026 , which also shows the votes in each chamber.
Read more
- Secretary of State: Official Voter Information Guide, Nov. 3, 2026 (PDF)
- Official Voter Information Guide: Proposition 1
- Official arguments and rebuttals
- Legislative Analyst's analysis
We link to analysis from several sources; we don't endorse it.