This explainer was originally published by our news partners CalMatters. Be prepared for California’s midterms: Sign up for CalMatters' free election newsletter and be the first to know when they update the CalMatters 2026 Voter Guide with information on key races.
What does California Proposition 1 do?
Prop. 1 would allow the state to sell $11.25 billion in bonds to fund various affordable housing programs. Of that total amount, $1.25 billion would go toward veteran housing, while the rest would fund rental homes, homeownership programs, farmworker housing, affordable student housing, tribal housing and more. The bond is expected to help fund up to 40,000 multifamily rental units, while also helping another 40,000 households buy a home. The California Legislature put this measure on the ballot.
What do supporters and opponents say?
- California Democratic Party
- Gov. Gavin Newsom
- The California Apartment Association
- AFL-CIO California
Ballot text
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 down payment assistance. 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
