**Voter rejection of Proposition 45 in the November 3, 2026, election has produced near-certain trader consensus against passage.** Partial results show the measure trailing 55.5% to 44.4% with over 72% of ballots counted, driven by opposition from environmental organizations that argued the initiative would curtail public comment periods, limit alternatives analysis under CEQA, and weaken judicial oversight for housing, clean energy, transportation, and related projects. Business-backed supporters highlighted potential cost savings and faster permitting timelines, yet these arguments did not overcome concerns about reduced environmental safeguards. With the outcome now clear and few remaining ballots likely to reverse the margin, only extraordinary late-count anomalies or successful legal challenges could alter final certification.