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California voters to decide on $11 billion affordable housing bond in November California voters will decide in November whether to approve a proposed $11 billion bond aimed at addressing the state's affordable housing and homelessness crises. Proposition 1, the Veterans and Affordable Housing Bond Act of 2026, would provide billions of dollars for affordable housing development, expand homeownership programs and invest in solutions to address the state's chronic issue with homelessness. The California Big City Mayors Coalition and other local elected leaders gathered outside the California State Capitol on Wednesday to urge voters to support the measure. Fresno Mayor Jerry Dyer said cities across California already have thousands of housing projects ready to move forward but lack the funding needed to build them. "The cities that are ready to build ... what they're lacking is a funding subsidy," Dyer said. Most of the funds would be borrowed, with about $10 billion coming through general obligation bonds that would be repaid over time by California taxpayers. The mayors coalition argues that while any type of bond is not always favorable, addressing the state's housing crisis is necessary. Dyer said communities need more affordable housing options for people transitioning out of homelessness. "We're facing a crisis in our state, and that crisis is a housing crisis," Dyer said. "We also know that if we don't have a place for our folks who were unhoused, or we place them into shelter, a place for them to exit to, then they're going to exit to the streets, and so it is critical." Critics question more state spending There is no major organized campaign opposing the measure, but some state lawmakers have criticized the proposal. Republican Assemblymember David Tangipa argues California has already spent billions of dollars addressing an issue that's simply getting worse. "The state of California likes to measure its metric of success on spending and not on outcomes," Tangipa said. "We have spent billions and billions and billions of dollars on homelessness. But as we have seen, homelessness has increased... So it's clearly not a money issue." Tangipa says the state is not dealing with an affordability but an availability crisis because housing costs too much to build. He also questioned whether taking on additional state debt is the right approach. "If we're borrowing from the future, all we're doing is putting it on the backs of a generation that already feels like they can't buy a home, that already feels like they're in debt," Tangipa said. The proposed bond would build on a 2018 voter-approved housing bond, which authorized $4 billion for affordable housing programs.