Third Massive California Bond Measure Clears Hurdle

The initiative would create a bond-funded program to help middle-class homebuyers afford a downpayment.

Mar. 11, 2026 at 5:50pm

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Proponents of a $25 billion bond measure to help middle-class Californians buy homes have delivered more than 900,000 signatures to the California Secretary of State in the hope of qualifying the measure for the November ballot. The effort led by former state Sen. Bob Hertzberg is one of three massive statewide bond measures headed for the fall ballot, including a $10 billion affordable housing bond and a $23 billion initiative to establish the California Foundation for Science and Health.

Why it matters

With California's housing crisis continuing to price out many middle-class families, these bond measures aim to provide financial assistance to help more residents achieve homeownership. The measures face an uphill battle, however, as a majority of Californians prefer lower taxes and fewer government services over higher taxes and more services.

The details

The $25 billion California Middle-Class Homeownership and Family Home Construction Act of 2026 would establish a homeownership loan program for households with incomes up to 200% of the area median income. It would only require applicants to contribute 3%, rather than the typical 20% downpayment, with the remaining 17% financed through a state-backed loan. The bonds would be issued through the California Housing Finance Agency.

  • The initiative needs to collect 546,651 valid signatures by the June 25 deadline to qualify for the November ballot.
  • Senate Bill 417, a $10 billion affordable housing bond, cleared the Senate in January and is awaiting referral to an Assembly committee, with the goal of making the November ballot.
  • Senate Bill 895, a $23 billion initiative to establish the California Foundation for Science and Health, was referred to the Senate Health Committee in February.

The players

Bob Hertzberg

Former state senator who championed programs to increase home ownership during his 14 years combined service in the Assembly and Senate, and is leading the effort for the $25 billion California Middle-Class Homeownership and Family Home Construction Act of 2026.

Christopher Cabaldon

State senator who co-sponsored Senate Bill 417, the $10 billion affordable housing bond that cleared the Senate in January.

Buffy Wicks

State assemblymember who co-sponsored Senate Bill 417, the $10 billion affordable housing bond.

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What they’re saying

“We turned in 918,000 signatures and the measure requires 546,000 signatures. We have a high level of confidence it will qualify. We have no opposition and our polling is very favorable.”

— Bob Hertzberg, Former state senator

What’s next

County officials still need to validate the signatures before the June 25 deadline for the $25 billion California Middle-Class Homeownership and Family Home Construction Act of 2026 to qualify for the November ballot.

The takeaway

These bond measures represent a significant effort by California lawmakers to address the state's ongoing housing affordability crisis, but they face an uphill battle as many voters prefer lower taxes and fewer government services over higher taxes and more services.