On your ballot
November 3, 2026 · California general17 days awayAuthorizes Bonds for Housing Affordability Programs. Legislative Statute.
Official summaryAuthorizes $11.25 billion in state general obligation bonds for housing affordability programs, including for California veterans, and to finance housing development projects seeking federal tax credits. Allocates funds: $5.1 billion to build and rehabilitate multifamily rental housing; $2.1 billion to acquire, rehabilitate, or preserve affordable housing units, and provide supportive housing for those experiencing homelessness; $1.25 billion for state-funded mortgages for California veterans; $1.1 billion for homeownership and downpayment assistance; $1 billion for farmworker, tribal, and student housing; $500 million for housing infrastructure; and $200 million to support local housing programs. Summary of Legislative Analyst's Estimate of Net State and Local Government Fiscal Impact: Increased state cost of $500 million to $600 million annually for about 25 years to repay the housing bond.
Increases State's Rainy Day Fund. Legislative Constitutional Amendment.
Official summaryIncreases California's Rainy Day Fund, approved by voters in 2014, to provide funding for education, health care, public safety, and other essential services during economic downturns. Doubles the budget reserve cap from 10% to 20% of General Fund revenues, requiring savings until Fund's balance equals 20% of General Fund. Requires additional savings in years when tax revenues are high. Increases budget reserves available for education, state debts, and pension obligations. Summary of Legislative Analyst's Estimate of Net State and Local Government Fiscal Impact: State budget reserves would be higher.
Creates Loan Program for Middle-Income Buyers of Qualified New Homes. Initiative Statute.
Official summaryAuthorizes up to $25 billion in bonds to offer eligible buyers fixed-rate mortgages for up to 17% of the purchase price of a "qualified new home" (new construction or first sale of converted nonresidential property, priced below about $1 million–$1.5 million, depending on county, adjusted annually). Borrowers must be California residents for one year, occupy the home, earn less than twice the area's median income, and pay at least 3% down. Requires that bonds be repaid by homeowners' mortgage payments, not the State. Summary of Legislative Analyst's Estimate of Net State and Local Government Fiscal Impact: No direct state or local costs.
Imposes One-Time Tax on Certain Taxpayers. Initiative Constitutional Amendment and Statute.
Official summaryImposes one-time tax of up to 5% on certain taxpayers with covered assets valued over $1 billion; covered assets include businesses, securities, art, collectibles, and intellectual property, but exclude real property and some pensions and retirement accounts. Allocates 90% of these tax revenues for health care, 10% for food assistance or education-related programs; prohibits using revenues to replace existing funding for these purposes. Exempts such tax revenues from constitutional requirements for school funding, budget reserves, and state spending limit. Summary of Legislative Analyst's Estimate of Net State and Local Government Fiscal Impact: Temporary state revenue increase from a new wealth tax on billionaires. These wealth tax revenues probably would add up to tens of billions of dollars spread over several years. Possible ongoing decrease of less than $1 billion per year in state income tax revenue collected from billionaires.
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