Senate Housing Committee advances $10 billion state housing bond, a critical step toward placing an affordable housing measure before voters in 2026
SB 417 (Cabaldon) was approved by a vote of 8-1, moving the bill closer to a vote on the Senate Floor and this year’s state ballot
A similar bond bill, AB 736 (Wicks), was approved by the Assembly last year
SACRAMENTO – The Senate Housing Committee offered their overwhelming approval today of SB 417 (Cabaldon), a bill that would place a $10 billion housing bond measure before voters in 2026 and provide communities across the state with a stable source of funding for affordable housing.
The committee voted 8-1 in support of the bond, sending the bill next to Senate Appropriations. A similar bond bill, AB 736 (Wicks), was approved by the Assembly last year.
The HousingBondCA! coalition celebrated the committee vote, which elevates the need for bond funding at a critical time, ahead of the release of the Governor’s January budget proposal later this week. The coalition also applauded Senate President pro Tempore Monique Limón’s commitment to making affordable housing a top policy priority by bringing this proposal forward during the first week of this year’s legislative session.
“Today’s vote is a positive sign for the millions of Californians struggling with the rising cost of living and limited affordable housing options — many of whom have been calling for state leaders to do more to take on the housing crisis,” says Ray Pearl, executive director of the California Housing Consortium. “The best way to make housing more affordable is to build more affordable homes, and a new housing bond is essential for providing the steady source of funding needed to build affordable housing in every part of the state. We applaud Senator Cabaldon for championing this bill, and Chair Wahab and Pro Tem Limón for the critical role they have played in elevating the importance of a housing bond this year.”
With housing continuing to grow into one of Californians’ biggest policy concerns, the state has made real progress recently in boosting housing production — doubling the number of new affordable homes in development over the last five years. California has a robust affordable housing pipeline, with nearly 45,000 units of shovel-ready projects waiting only on funding to move into construction. But with the state revenue picture uncertain and resources from the last state housing bond exhausted, the state’s housing momentum is in danger of stalling.
SB 417 is a critical part of the solution, providing $10 billion in funding for some of the state’s most successful housing production and preservation programs, while expanding homeownership opportunities and creating more than 53,000 construction jobs.
“California needs more affordable housing, and cash-strapped communities need a reliable source of funding to build it,” says Danny Curtin, director of the California Council of Carpenters. “SB 417 will help keep the affordable housing pipeline moving all over California, while also supporting the creation of good jobs for skilled construction workers. This bill is a win-win, and it’s time to give voters the opportunity to support it on the ballot this year.”
Two bond bills are continuing to move through the Legislature: SB 417 (Cabaldon) and AB 736 (Wicks). Both bills share the same name, The Affordable Housing Bond Act of 2026, and the same goal: Authorizing a $10 billion bond to fund critical housing programs. After Governor Newsom endorsed a housing bond last spring, the Assembly took the first vote on the measures last year, passing AB 736 by a vote of 65-11.
“Lower-income households struggling to find housing and stay off the streets have been calling on state leaders to take bold action on housing, and this bill does just that,” says Chione Lucina Muñoz Flegal, executive director of Housing California. “Today’s vote is a signal that the Legislature is prepared to meet this moment with the scale of investment our communities need. A housing bond will support construction of affordable homes across the state, while preserving existing units and helping stabilize the lives of countless working families and other struggling Californians. This is the right idea at the right time, and we are pleased to see the Senate moving it forward.”
A recent impact analysis of a $10 billion bond found it would…:
- Produce more than 40,000 affordable homes for lower-income households
- Preserve more than 5,500 existing housing units
- Help more than 13,000 first-time homebuyers purchase a home
- Create more than 53,000 construction jobs
- Generate $1.3 billion in state and local tax revenue
Learn more about the bond bills and the HousingBondCA! coalition here:
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