California leaders announce deal on $11 billion affordable housing bond measure
California legislators and Gov. Gavin Newsom announced a deal Monday to place an $11 billion bond on the November ballot to try and address one of the state’s most pressing needs: Housing.
The agreement is a major step in a years-long effort by advocates to push the Legislature and governor to get behind the idea of a bond. That fight is still not over as the Assembly and Senate will each need to pass the proposal with two-thirds support before Thursday, the deadline for legislative measures to qualify for the election.
“Time and time again, we say that housing affordability and homelessness are top priorities, so it’s incumbent on us to put our money where our mouth is and invest in housing programs that have proven their ability to deliver real results,” said Assemblymember Buffy Wicks, D-Oakland, who has for several years tried to advance a housing bond. “What we can’t afford is to wait.”
Wicks had initially proposed a $10 billion bond. So did state Sen. Christopher Cabaldon, D-West Sacramento. The newly-announced agreement says $10 billion will be used to help fund rental housing and homeownership programs and another $1.25 billion would specifically target housing for military veterans.
“The agreement reached today is the reflection of the hard work done in the Legislature to address and respond to the critical housing needs that Californians are facing across the state,” said Senate President pro Tempore Monique Limón, D-Santa Barbara, in a statement.
Legislators and Newsom have spent years pushing through changes to zoning and environmental laws in an effort to make it easier to build in the state and drive down California’s high housing costs. So far, that has not led to an explosion of home-building, but advocates hope an infusion of money from the bond will help.
“Producing affordable housing in California, and around the nation, is a public-private partnership,” said Ray Pearl, executive director of the California Housing Consortium, one of the lead organizations calling for the bond. “Their prioritization shows that they want to invest in making a real difference in the lives of Californians by helping build and preserve the affordable homes communities throughout our state desperately need.”
If the measure passes the Legislature, and is approved by voters, the state will raise funds by selling bonds to investors who will be repaid with interest. Californians have passed a series of bonds over recent elections that were earmarked for climate efforts, schools and other issues.
This story was originally published June 22, 2026 at 10:56 AM with the headline "California leaders announce deal on $$11 billion affordable housing bond measure."
