November 3, 2026 general election
California Proposition 1; what a yes or no vote means.
Authorizes $11.25 billion in state general obligation bonds for veterans and affordable housing programs, including rental housing, supportive housing and downpayment assistance.
Bottom line
What Proposition 1 does
Authorizes $11.25 billion in state general obligation bonds for veterans and affordable housing programs, including rental housing, supportive housing and downpayment assistance.
The measure is a legislative statute placed on the ballot by legislature. Its official title is “Authorizes Bonds for Housing Affordability Programs.”
A yes vote
Yes means
California could borrow $11.25 billion for veterans and affordable housing programs.
A no vote
No means
California could not borrow the proposed $11.25 billion for those programs.
State estimate
What it could cost
Estimated state repayment costs of $500 million to $600 million annually for about 25 years.
That is the fiscal effect summarized from the state voter guide. Estimates describe likely government effects; they are not a promise of an exact future result.
Primary record
Read the complete state analysis
This explainer is a starting point. The Secretary of State’s guide carries the impartial analysis, fiscal estimate, arguments for and against the measure, rebuttals and proposed law. Read that record before making a decision.
Open the official Proposition 1 guide