California · November 3, 2026 · Legislative Statute

Proposition 1: Authorizes Bonds for Housing Affordability Programs.

Authorizes $11.25 billion in bonds to fund income-qualified housing programs ($10 billion for state housing programs, $1.25 billion for the veteran home loan program).

The official ballot language

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.

• 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. Summary of Legislative Analyst's 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.

Source: California Secretary of State

What your vote does

A YES vote

A "yes" vote supports authorizing the state to issue $11.25 billion in bonds to fund income-qualified housing programs (Multifamily Housing Program, CalHome Program, Joe Serna, Jr. Farmworker Housing Grant Program) and the veteran home loan program.

A NO vote

A "no" vote opposes authorizing the state to issue $11.25 billion in bonds to fund income-qualified housing programs and the veteran home loan program.

Source: Ballotpedia

What's actually in it — provision by provision

Propositions bundle things together. Here is every operative provision, separately:

Authorizes $11.25 billion in general obligation bonds for housing affordability programs ($10 billion for state housing programs, $1.25 billion for the veteran home loan program).
Basis: Ballotpedia: issues $11.25 billion in general obligation bonds; $10B for state housing programs and $1.25B for the CalVet home loan program.
Funds low-interest loans for low-income rental housing, supportive housing with counseling services, homeownership loans, and farmworker, student, and tribal housing.
Basis: Ballotpedia: $7.2B low-interest loans for rental housing for low-income households (portion for supportive housing); $1.1B homeownership loans; $450M farmworker housing; $350M student housing; $200M tribal housing.
Provides $1.25 billion for the CalVet veteran home loan program; the bonds are repaid as veterans repay their loans.
Basis: Ballotpedia: $1.25B for the CalVet home loan program; veteran home-loan bonds are repaid as veterans repay the loans.

Arguments, both sides

In favor

“Invest in housing programs that have proven their ability to deliver real results. What we can't afford is to wait.”
— State Assemblymember Buffy Wicks (D-14), coauthor of the bill, via Ballotpedia [source]

“You have both an incredible need and the conditions to actually get building quickly.”
— Chione Flegal, executive director of Housing California, via San Gabriel Valley Tribune [source]

Against

“We have a record budget and record revenue. Why do we need to borrow money? ... We don't have an affordable housing crisis. We have an available housing crisis because of the rules, regulations and debt.”
— State Assemblymember David Tangipa (R-8), via Ballotpedia [source]

“The more you pile this debt on, the more difficult the budget process is.”
— Susan Shelley, spokesperson for Howard Jarvis Taxpayers Association, via San Gabriel Valley Tribune [source]

Who's funding each side

Support: $5.24M · Oppose: $0

As of Scheduled reports through June 30, 2026; interim reports as of August 3, 2026. Next scheduled reports due September 24, 2026..

Top supporters: Building a Better California (committee) — $3,526,201.51; Yes on Prop 1, Californians for Homes, Jobs and Affordability 2026 — $1,314,136.88; Californians for Affordable Homes, Yes on Proposition 1 — $400,000.00

Source: Ballotpedia campaign finance

Endorsements

Supporting

Gov. Gavin Newsom (D)
Assemblymember Buffy Wicks (D-14)
Assembly Speaker Robert Rivas (D)
Senate President pro Tempore Monique Limón (D)
State Sen. Christopher Cabaldon (D)
State Sen. John Laird (D)
Assemblymember Jesse Gabriel (D)
ACLU California Action
United Brotherhood of Carpenters and Joiners of America
California Apartment Association
California Housing Consortium
League of California Cities
California Federation of Labor Unions, AFL-CIO
League of Women Voters of California
Disability Rights California
NAACP California/Hawaii State Conference
US Vets
Habitat for Humanity CA
California State Association of Counties
ACLU of Southern California

Opposing

State Assemblymember David Tangipa (R-8)
Howard Jarvis Taxpayers Association
Reform California
California Policy Center

Source: Ballotpedia

Polling

Public Policy Institute of California (PPIC) Statewide Survey · September 4-10, 2026

Yes 55% · No 43%

1,103 likely voters; margin of error ±3.8%

Source

Fiscal impact

Increased state cost of $500 million to $600 million annually for about 25 years to repay the housing bond. (Ballotpedia, quoting the Legislative Analyst's Office estimate.)

How does Proposition 1 line up with your values?

Take the 13-question AlignAlgo Vote questionnaire and get a scored breakdown of this measure — provision by provision.

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