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 rental construction, supportive housing, preservation, farmworker, tribal, and student housing programs, plus $1.25 billion in self-supporting revenue bonds for CalVet home loans. The Democratic-controlled legislature passed it with wide margins in June before Governor Newsom signed the bill, placing it on the ballot amid persistent affordability pressures and low homeownership rates. A September PPIC survey of likely voters showed 55% support, with stronger backing among Democrats and renters. Trader pricing at 59% yes reflects this legislative momentum, targeted funding allocations, and polling in a state where housing ranks as a leading voter concern, though repayment costs estimated at $500–600 million annually could influence undecided independents.