A black and white mid-rise apartment building is pictured at three-quarters view, revealing a pink side wall with a medical cross symbol on it. A small blue shape and a field of red dollar symbols are collaged to the left of the building.

Proposition 1

Should the state be authorized to issue $11.25 billion in general obligation bonds to support building and preserving affordable housing, expanding homebuying opportunities for low- and moderate-income residents, veterans and homelessness programs?

The Veterans and Affordable Housing Bond Act of 2026 would authorize a general obligation bond, $10 billion of which would fund affordable housing and related infrastructure projects. Another $1.25 billion would fund the CalVet Home Loan Program. The Legislative Analyst’s Office reports bond funds would support up to 40,000 rental units and could also assist 40,000 families in buying a home.

Yes Argument

Proposition 1 builds and preserves affordable homes and expands homeownership opportunities without raising taxes. It unlocks federal matching funds and fast-tracks construction. This measure will benefit veterans, low-income seniors on fixed incomes, survivors of domestic violence and their families, at-risk foster youth, working families and people with disabilities.

No Argument

This package represents $11 billion in debt that taxpayers will add to their credit card with no reforms. We know the cost of building in California is exponentially higher than it needs to be. We have to reform that by first cutting costly regulations before we take out the credit card and borrow money.