By admin A bipartisan coalition of mayors from California’s largest cities gathered at the state Capitol Wednesday to urge voters to approve Proposition 1, an $11.25 billion bond measure they said would help address the state’s housing affordability and homelessness crises.
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The Veterans and Affordable Housing Bond Act of 2026, which will appear on the November ballot, would authorize $10 billion in bonds for affordable housing and homeownership programs and another $1.25 billion for the CalVet Home Loan Program for eligible veterans.
Fresno Mayor Jerry Dyer, vice chair of the Big City Mayors Coalition, emphasized that all 13 mayors in the group agreed to endorse the measure, something he said is rare for the organization.
“We completely agree that housing is the most important issue in our state, and we are willing to put our unified voice together in support of Proposition 1,” Dyer said.
Though he generally opposes statewide bonds because taxpayers ultimately bear their repayment costs, Dyer argued California’s housing shortage requires immediate investment.
“These are extraordinary times in our state,” Dyer said. “We have an opportunity to be able to come together to be able to pass a proposition, Proposition 1, that will allow us to be able to meet that crisis head-on.”
While cities have worked to speed up permitting and remove regulatory barriers, San Diego Mayor Todd Gloria said they still face major obstacles finding the money to build them.
“A permit alone does not build a house,” Gloria said. “Projects can be approved and ready to go, but they still face significant funding gaps to get the shovels in the ground and the roofs over people’s heads.”
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Assemblymember Buffy Wicks, D-Oakland, who worked for four years to get the bond on the ballot, said there are tens of thousands of “shovel-ready” projects ready to be built as soon as the measure passes.
Sacramento Mayor Kevin McCarty connected the measure directly to cities’ efforts to reduce homelessness, saying shelters can become bottlenecked when residents have nowhere affordable to move after receiving temporary housing.
Proposition 1 also includes $1.25 billion for the CalVet Home Loan Program, which provides financing to eligible veterans. U.S. Army veteran and State Sen. Bob Archuleta, D-Pico Rivera, said that portion of the measure would continue a program that has helped more than 500,000 veterans and their families purchase homes since its inception.
The $10 billion housing portion of Prop. 1 would ultimately be repaid from the state’s General Fund, while the $1.25 billion veterans’ portion would be repaid through veterans’ mortgage payments.
Oakland Mayor Barbara Lee pointed to her city as evidence of how public investment can help expand affordable housing. In past five years, Oakland has completed 2,300 units of affordable and homeless housing, with another 1,200 units currently under construction, she said.
“We can’t build our way out of this crisis on hope and local dollars alone,” Lee said. “That’s why I’m standing with my fellow mayors today and asking California voters to say yes to Proposition 1.”
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