Your last-minute guide to all California propositions

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Set us as preferred The basicsProposition 1 asks voters to let the state borrow $11.25 billion through the sale of bonds to build and maintain housing that low- and middle-income residents can afford.It’s called the Veterans and Affordable Housing Bond Act of 2026.The impactThe largest chunk of this money — $7.2 billion — would be doled out as loans to builders who agree to rent some of the homes to low-income families; in Los Angeles County, a family of four earning about $133,000 a year qualifies as low-income.

Researchers recently found that the construction of nearly 40,000 low-income homes was in limbo because of a lack of funding.The second-largest portion of these funds — $1.25 billion — would be set aside for housing for veterans, in the form of homeownership loans.Voters last approved this type of statewide bond for veteran home loans in 2018.

California Prop 1 guide: Lawmakers are asking voters to let the state borrow $11.25 billion to build and maintain housing low- and middle-income residents can afford.Dig deeper Proposition 1 is supported by Democrats and organizations that provide low-income housing, plus various municipal governments.They say it is key to helping more Californians achieve homeownership.

Republicans oppose it, saying the state should curtail building regulations to bring down the cost of housing without burdening taxpayers.The basicsProposition 2 would give government the ability to put more money into savings and create another option for leaders to avoid triggering taxpayer rebates during future budget surpluses.The impactThe measure exempts deposits into state savings accounts from a spending limit that voters previously adopted through a series of ballot measures dating to the late 1970s, and increases the share of general fund tax revenue that can be put aside in reserves.Cali...