California voters will decide Proposition 1, the Veterans and Affordable Housing Bond Act of 2026, on the November ballot. The measure authorizes $11.25 billion in general obligation bonds—$10 billion for affordable rental housing, homeownership programs, and homelessness solutions plus $1.25 billion for veteran home loans—following legislative passage of SB 417 and Governor Newsom’s June 2026 signature. Prior bond funds have been fully committed, creating demand for replenishment across programs serving low-income households, farmworkers, students, tribes, and veterans. A broad coalition of housing, business, labor, and local government groups backs the measure, while opposition remains limited primarily to some Republican legislators citing debt-service costs. These factors, alongside the state’s ongoing housing shortage, underpin the current trader consensus reflected in Yes pricing near 62 percent. Upcoming campaign spending and any late polling shifts could influence final probabilities before election day.