California’s housing shortage and high costs for low-income residents remain central drivers of support for the Veterans and Affordable Housing Bond Act of 2026, placed on the November 3 ballot after legislative supermajorities and Governor Newsom’s June signature. The $11.25 billion measure allocates $10 billion in general obligation bonds across multifamily rental construction, supportive housing, farmworker and student units, homeownership assistance, and infrastructure, plus $1.25 billion in self-repaying revenue bonds for veteran loans. Recent September legislation streamlining permitting and factory-built housing reinforces the policy focus on production. Traders price passage at 60 percent Yes because the proposal builds on established programs with broad Democratic backing and veteran appeal, though repayment costs of roughly $500–600 million annually from the general fund and competing ballot measures introduce fiscal caution among some voters.