Proposition 1 on California's Nov. 3 ballot would let the state sell $11.25 billion in general obligation bonds for housing, including affordable rentals, supportive housing, veterans' mortgages and down payment help.

Why it matters here: Bay Area nonprofit builders have stalled projects waiting on money. Abode CEO Vivian Wan told CalMatters three of the group's Bay Area projects are stalled.

What a vote means

  • Yes: The state could borrow $11.25 billion for veterans and affordable housing.
  • No: It could not.
  • Cost: $500 million to $600 million a year from the general fund for about 25 years, per the Secretary of State's guide. Veterans would repay their $1.25 billion share through loan payments.

Where the money goes

  • $7.2 billion for apartment buildings, helping support up to 40,000 rental units
  • $1.25 billion for veterans' home loans; $1.1 billion for low- and moderate-income homebuyers
  • $500 million for housing infrastructure, $450 million for farmworker housing, $350 million for UC/CSU student housing, $200 million each for tribes and pilot projects

Who's for and against

Top Yes donors listed by the state include Building a Better California, carpenters' unions and Airbnb ($1 million each), plus Anthropic and OpenAI ($500,000 each). No argument against was submitted. Sen. Tony Strickland, R-Huntington Beach, voted no in the Legislature, CalMatters reported.

See every race and measure in our Election 2026 guide.