Housing Measures on the November Ballot

Although the “Billionaire’s Tax” qualified to be on the November Ballot and may receive the most attention, a number of housing-related measures will also be put before California voters later this year. Funded by billions in state bonds, the housing-related measures that have secured a place on the ballot were put forth by the Legislature and the initiative process. 

• The Veterans and Affordable Housing Bond Act of 2026 
  This measure would authorize the issuance of $11,250,000,000 in State General Obligation Bonds.  Out of the proceeds from the bond sale, $10,000,000,000 would be used to finance programs to fund affordable rental housing and home ownership programs. These programs include, among others, the Multifamily Housing Program, the CalHome Program, and the Joe Serna, Jr. Farmworker Housing Grant Program. An additional $1,250,000,000 would be used to provide additional funding for the above-described program for farm, home, and mobilehome purchase assistance for veterans. The bond proposal was put on the ballot by the Legislature.
  
  
• California Middle-Class Homeownership and Family Home Construction Act of 2026
  This measure would create middle-class homeownership loan program in the state with rules and regulations adopted by the California Housing Finance Agency. It provides for secondary mortgage loans to be used solely to finance a portion of the purchase price of a qualified new home. The secondary mortgage loans can finance no more than 17 percent of the purchase price of a qualified new home that would ordinarily be covered by a homeowner's downpayment. A loan applicant must contribute no less than 3 percent of the purchase price of a qualified new home. Each middle-class homeownership loan secured by a secondary mortgage will be subordinate to the primary mortgage financing the purchase of the qualified new home. There is also a qualified builder option whereby a housing developer of new homes may become qualified to participate in the program, subject to certain conditions, including being subject to designated labor and enforcement provisions. Revenue bonds may be issued to fund the program, not to exceed $25,000,000,000. This measure was put on the ballot through the initiative process. 
  
  
• Building an Affordable California Act
  This initiative amends the California Environmental Quality Act (CEQA) to expedite environmental review of specified project categories (including most housing, transportation, water, health, and clean energy projects). For these types of projects, this measure: 
  • Sets deadlines for public agencies to complete environmental review and take required actions for project;
  • Allows expedited review of project’s environmental impacts, limiting public agencies’ current obligation to consider a range of feasible project alternatives to reduce environmental impacts; and
  • Limits court review of project approvals by establishing deadlines for filing and resolving lawsuits and limiting evidence court may consider and relief it can order.