Published on Tuesday, July 7, 2026
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If approved, the provisions would fast-track affordable housing and support local programs.
Major housing reforms have made their way onto the ballot for voters to decide this fall in California. If approved, the Veterans and Affordable Housing Bond Act would lift barriers to affordable housing and could have big implications for CRE.
The $11.25 billion bond set for the November ballot would continue to fast-track the construction, rehabilitation and preservation of affordable housing, support homeownership programs and provide funding for a variety of state housing initiatives.
California Rental Housing Association president Adam Pearce told GlobeSt.com that increasing the supply of rental housing is one of the top priorities in the Golden State.
"The Veterans and Affordable Housing Bond Act of 2026 is a meaningful step toward that goal, directing significant new investment into the construction, rehabilitation, and preservation of rental housing throughout the state," Pearce said, whose trade association represents more than 14,000 property owners and developers in the state.
"This investment is an important step, but capital alone cannot solve California's housing crisis."
He added that the state must also address the underlying cost drivers that make housing too expensive to build and operate, including reducing more regulatory barriers, insurance premiums and other costs that undermine the affordability of rental housing.
If approved by voters, the act would fund affordable housing and homeownership programs. Additionally, it includes support for veterans' homeownership, affordable rentals, homeownership assistance, farmworker housing, housing and infrastructure for tribal communities, student housing and other state housing programs.
While California has been battling to tackle the housing shortage, Russ Ginise, executive managing director and portfolio manager for affordable housing at LaSalle, recently told GlobeSt. that the problem in the Golden State is so deep that local governments struggle to meet the demand. The way to solve it, according to Ginise, is to build more at lower costs, while preserving and refreshing the affordable housing stock.