California's Proposition 1, the Veterans and Affordable Housing Bond Act of 2026, cleared the legislature with supermajorities in both chambers before Governor Gavin Newsom signed it into law in June, placing the $11.25 billion measure on the November 3 ballot. Recent polling from the Public Policy Institute of California shows 55 percent support among likely voters, with stronger backing from Democrats, renters, and younger voters amid ongoing concerns over housing costs and stalled affordable projects. No organized opposition campaign has emerged, and no opposing ballot argument was filed, reducing downside risk. Trader consensus at 80 percent for passage reflects these institutional endorsements, the measure's focus on multifamily construction, veteran home loans, and infrastructure, plus the state's history of approving similar bonds when framed around affordability needs.