NewsCalMattersOctober 26, 2026Los Angeles County
California Voters to Decide on $44 Billion in General Obligation Bonds via Propositions 1, 37, and 38
Photo: CalMatters
California voters will decide on a combined $44 billion in bond measures across Propositions 1, 37, and 38 to fund housing development, biomedical research, and down-payment assistance for homebuyers. If approved, the measures would increase public debt and deploy billions of dollars into construction and scientific research sectors across the state.
Read the full story at CalMattersWhy It Matters
The outcome determines how billions in public debt and private lending mechanisms are deployed across California for housing construction, scientific research, and homebuyer assistance, impacting state debt levels and taxpayer obligations.
Key Facts
- Californians will vote on $44 billion in total bond and funding measures across Propositions 1, 37, and 38.
- Proposition 1 authorizes $11.25 billion in general obligation bonds for housing, including veterans, homeless individuals, renters, and agricultural workers.
- Proposition 1 allocates $7 billion for building, renovating, or acquiring apartment complexes via affordable housing developer loans, requiring at least 10% of units for extremely low-income households.
- Proposition 1 includes $1.25 billion for veteran housing loans and $350 million for public university student housing construction.
- Proposition 37 allows eligible first-time homebuyers to request up to 17% of the purchase price of a new home without increasing state debt, relying on private lenders for reimbursement.
- Proposition 38 allocates $4.2 billion to a single nonprofit institute focused on immunological research and another $4.2 billion distributed to a committee for select university and nonprofit researchers.
- State spending on existing bond debt requires $6 billion annually to amortize approximately $80 billion in bonds.
- Voters and legislators have previously approved $40 billion in bonds that have not yet been sold.
- Since 2000, voters have approved 23 out of 26 state bond measures presented, representing an 88% approval rate.
Who's Mentioned
PersonGary K. Michelson“Billionaire author and major campaign donor for Proposition 38.”locationImperial“County with specific income limits for Proposition 37.”OrganizationAirBnB“Rental housing company supporting Proposition 1.”OrganizationOficina del Analista Legislativo“Nonpartisan think tank of the Legislature.”locationRiverside“Location with home price limits under Proposition 37.”OrganizationInstituto de Inmunología e Inmunoterapia de California“Research institute that may receive funding under Proposition 38.”OrganizationPartido Republicano“State political party maintaining a neutral stance on Proposition 1.”OrganizationInstituto de Políticas Públicas de California“Nonprofit organization that wrote about Proposition 37.”PersonGavin Newsom“Governor of California supporting Proposition 1.”locationÁrea de la Bahía“Region with home price limits under Proposition 37.”locationSan Mateo“County with specific income limits for Proposition 37.”PersonEric McGhee“Analyst at the Public Policy Institute of California.”locationCalifornia“State where the ballot measures are being voted on.”