California voters will decide Proposition 1, the Veterans and Affordable Housing Bond Act of 2026, on November 3. The measure authorizes $11.25 billion in bonds—primarily $10 billion in general obligation debt for multifamily housing, supportive units, farmworker and student housing, preservation, and infrastructure programs, plus $1.25 billion in self-supporting revenue bonds for CalVet home loans. The Democratic-controlled legislature passed the bill by wide margins in late June before Governor Newsom signed it, placing it on the ballot amid ongoing affordability pressures where most renters are cost-burdened and homeownership remains out of reach for many households. Traders assign a 59.5% probability to passage, reflecting the measure’s broad coalition of housing advocates, labor groups, and local governments alongside the popular veterans component, tempered by state budget constraints and voter caution on new debt. No major recent shifts have altered the trajectory.