Proposition 1

Bonds to Fund Veterans' and Affordable Housing

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Would authorize $4 billion in general obligation bonds for existing affordable housing programs for low-income residents, veterans, farmworkers, manufactured and mobile homes, infill, and transit-oriented housing. Proposition 1 is a legislative statute and statewide bond proposition.

Fiscal impact: Would increase state costs to repay bonds, averaging about $170 million annually over the next 35 years. These bond funds would be used to provide affordable housing.

Semi-official results:

Yes: 2,165,505 (52.6%)

No: 1,951,752 (47.4%)



Proponents of Proposition 1 argue that the measure will provide affordable housing for veterans, working families, seniors, people with disabilities and Californians experiencing homelessness from California's severe housing crisis. Components of the measure include $1 billion to help veterans afford homes; building new emergency housing for homeless children and families; building multi-family housing for working families and creating homeownership opportunities; and creating new supportive housing for people with disabilities and domestic violence victims.

A YES vote on this measure means: Allows the state to sell $4 billion in general obligation bonds to fund veterans and affordable housing. (Campaign Website)


Opponents of Proposition 1 argue that the housing shortage stemming from the influx of millions to California requires far bigger solutions, and that there are better approaches to addressing the housing shortage.

A NO vote on this measure means: The state could not sell $4 billion in general obligation bonds to fund veterans and affordable housing.

In Depth


Housing Is Expensive in California. Housing in California has long been more expensive than most of the rest of the country. While many factors have a role in driving California's high housing costs, the most important is the significant shortage of housing, particularly within coastal communities. A shortage of housing means households wishing to live in the state compete for limited housing. This competition increases home prices and rents. Today, an average California home costs 2.5 times the national average. California’s average monthly rent is about 50 percent higher than the rest of the country.

State Housing Programs Fund Some Home Building. In most years, about 100,000 houses and apartments are built in California. Most of these housing units are built entirely with private dollars. Some, however, receive financial help from federal, state, or local governments. In these cases, the state provides local governments, nonprofits, and private developers with grants or low-cost loans to fund a portion of the housing units’ construction costs. Typically, housing built with these funds must be sold or rented to Californians with low incomes. A portion of housing units built with state funds is set aside for homeless Californians. While the state historically has not provided ongoing funding for these housing programs, California receives approximately $2 billion annually from the federal government to support these projects.

Home Loan Program for Veterans. The state’s veteran home loan program provides home loans to eligible veterans, including veterans who may not otherwise qualify for a home loan. Under the program, the state sells general obligation bonds to investors and uses the funds to provide loans to eligible veterans to purchase homes. Participating veterans repay the state for these home loans. These funds are then used to repay the bonds.

Proposition 1 Proposal

New General Obligation Bonds for Housing. This measure allows the state to sell $4 billion in new general obligation bonds to fund the following housing programs:

  • Affordable multifamily housing projects: $1.8 billion
  • Veteran home loans: $1 billion
  • Infrastructure programs: $450 million
  • Homeownership programs: $450 million
  • Farmworker housing program: $300 million

Source: LAO Analysis of Proposition 1


Visit Ballotpedia for summary data from recent polls and links to the complete published polls.

Berkeley IGS Polls

Voter Resources

Official California Documents

Official Voter Guide

Prop 1 - California Official Voter Guide

Campaign Finance Information

Voter's Edge Campaign Contributions: Total money raised, size of contributions, and top contributors

Power Search: Access and download data from the Secretary of State's CAL-ACCESS System

Nonpartisan Analysis


SB 3 (Chapter 365, Statutes of 2017), Beall. Veterans and Affordable Housing Bond Act of 2018. Legislative Analyst's Office.

Ballot Measure Guide - Prop 1. Berkeley IGS.

Proposition 1: Should California Sell Bonds to Develop Affordable Housing and Help Veterans and Lower-Income Residents Buy Homes? California Budget & Policy Center.

"Video Voter Series - Proposition 1" from Rose Institute of State and Local Government at Claremont McKenna College
"Video Voter Series - Proposition 1" from Rose Institute of State and Local Government at Claremont McKenna College
"Proposition 1 Explained in Under 1 Minute" from CALMatters
"Proposition 1 Explained in Under 1 Minute" from CALMatters
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