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California's 2026 ballot includes two housing finance measures addressing the state's affordability crisis. Prop. 1 would authorize $11.25 billion in general obligation bonds, mostly for affordable housing construction aimed at low-income renters, homeless residents and veterans. Prop. 37, backed by the California Association of Realtors, is a novel $25 billion revenue bond funded by private investors to help homebuyers cover down payments, designed to avoid cost to taxpayers. Polling shows majority support for both, and bond measures historically pass in California. The propositions appear alongside a broader 2026 ballot featuring the governor's race, won by Xavier Becerra over Steve Hilton, other statewide measures including contested tax proposals, and San Francisco local contests.

Critics question whether Prop. 37's privately financed loans will reach those most in need, while supporters say Prop. 1 could unlock thousands of stalled affordable housing units.