Proposition 1: Authorizes Bonds for Housing Affordability Programs. Legislative Statute.

The law today

In most years about 100,000 houses and apartments are built in California; for state-funded housing the state generally gives local governments, nonprofits and developers grants or low-cost loans, and the housing typically must go to low-income Californians. The last statewide general obligation bond for affordable housing (2024) provided $2 billion for people facing homelessness with mental health or substance use challenges; the last veterans home loan bond (2018) provided $1 billion.[2]

Official fiscal estimate

Legislative Analyst: repaying the $10 billion General Fund bond would cost $500 million to $600 million annually for about 25 years, about 0.25 percent of the General Fund budget, and total cost about 15 percent more (inflation-adjusted) than paying up front. Veterans' loan payments have always covered the $1.25 billion veterans bonds, so no direct state cost. Funds would subsidize up to 40,000 multifamily rental units, about 2,500 farmworker units and about 1,200 student beds, and help up to 40,000 households with homeownership.[2]

Arguments made for

• Official argument in favor, signed by Anni Chung (Self-Help for the Elderly), Jeffery Freitas (California Federation of Teachers) and John H. Ing (US Vets): "Prop. 1 doesn’t raise taxes and every dollar comes with strict accountability and public reporting." It also says: "Prop. 1 builds more homes working people can actually afford."[3]
• Also in the official argument: "Dedicates $1.25 billion solely to veterans' housing and homeownership opportunities through the existing CalVet Home Loan Program."[3]

Arguments made against

• Sen. Tony Strickland (R-Huntington Beach), as quoted by CalMatters from a June legislative hearing: "It really just says that you’re using veterans to pass your $10 billion general obligation bond." CalMatters also reports he said there are better ways to get families into housing than using a bond to "borrow money against the future." (News report, not an official ballot argument; the official guide has no argument against.)[7]

On record in support

• Yes on Prop 1 committees registered with the Secretary of State: Yes on Prop 1 Californians for Homes, Jobs and Affordability 2026 (sponsored by affordable housing organizations); Californians for Affordable Homes, Yes on Proposition 1 (sponsored by NPH Action Fund); Yes on Prop 1, California Homeless and Housing Coalition Action Fund.[5]
• Self-Help for the Elderly, California Federation of Teachers and US Vets (signers of the official argument in favor).[3]
• Habitat for Humanity California, California Alliance for Retired Americans, Housing California, California Housing Consortium and California Alliance of Child and Family Services (named as supporters in the official argument in favor).[3]
• Gov. Gavin Newsom, California Democratic Party, AFL-CIO California and the California Apartment Association (listed as supporters in CalMatters' voter guide).[6]

On record in opposition

• Sen. Tony Strickland (R-Huntington Beach), who opposed the bill in the Legislature; CalMatters reports two Republican senators and seven Republican assemblymembers voted no.[7]
• "Some Republican state lawmakers" (listed as opponents in CalMatters' voter guide).[6]