Asm. Wicks and Sen. Cabaldon Move Forward to Tackle Crushing Housing Costs; Jointly Unveil $10 Billion Affordable Housing Bond Proposals

SACRAMENTO – Today, Assemblymember Buffy Wicks (D-Oakland) and Senator Christopher Cabaldon (D-Yolo) introduced Assembly Bill 736 and Senate Bill 417, legislation that would place a bond measure on the June 2026 ballot to provide $10 billion to California’s affordable housing programs.

The two bond proposals share the same name, the Affordable Housing Bond Act of 2026, and similar goals, authorizing $10 billion in general obligation bonds to provide funding for affordable rental housing for lower-income families, homeownership opportunities, and supportive housing for people experiencing homelessness. A recent impact analysis found the bonds would result in more than 35,000 new homes affordable to very-low income, extremely-low income, and homeless families, including set-asides for farmworker and tribal housing. Bond funds would also preserve and rehabilitate tens of thousands of homes and assist over 13,000 families in becoming homeowners.

“We cannot afford to slow down on affordable housing investments when so many Californians are facing such immense hardship,” said Assemblymember Buffy Wicks (D-Oakland). “These bonds are a necessary step to address the staggering need for safe, stable, and affordable housing. Even in a tight fiscal climate, we must act with urgency.”

California continues to face a severe housing crisis. Only 17 percent of households can afford to purchase the median-priced single-family home, which is less than half of the national average. More than half of renters — and 65 percent of low-income renters — are rent-burdened, paying more than 30 percent of their income toward housing, leaving them with limited resources for essentials like food, transportation, and health care. In 2024, over 187,000 Californians experienced homelessness on a given night.

“Affordable housing providers have made steady progress toward building more of the housing lower-income Californians need, but there is much more work to do,” said Senator Christopher Cabaldon (D-Yolo). “The housing crisis has only been exacerbated in areas impacted by wildfires — disasters that have destroyed homes, tightened rental markets, and made it even harder for every community across the state to access the workers, materials, and funding needed to build affordable housing. One of the most important ways California can respond is through a substantial new housing bond.”

The two housing bond bills have the support of members throughout the Legislature, with dozens of co-authors between the Assembly and Senate. The two bills will move through the Assembly and Senate at the same time this year to ensure members of both houses have an opportunity to shape final bond proposals. 

“As people of faith, we believe that home is sacred — and in California, working class families need more access to affordable housing across the state,” said Eddie Carmona, Director of Campaigns for PICO California. “These  $10 billion affordable housing bonds are a critical component to meet the housing needs for working families. PICO California will continue supporting efforts like these to address the housing crisis.”

A significant cause of the housing crisis is the persistent gap between housing supply and demand. The Statewide Housing Plan estimates that California needs approximately 300,000 new housing units annually, including 125,000 affordable units for lower-income households. However, the state has produced approximately 13,000 affordable units per year from 2014-2023.

The state has historically used similar voter-approved bonds to fund the construction and rehabilitation of affordable housing and support homeownership across the state. California’s last housing bond, the Veterans and Affordable Housing Bond Act of 2018, authorized $3 billion for various affordable housing programs. These funds were fully allocated by the end of 2024.

“There is ultimately only one way to tackle California’s housing crisis: By building more affordable homes,” said Ray Pearl, Executive Director of the California Housing Consortium. “We’re proud to partner with Asm. Wicks and Sen. Cabaldon on a new housing bond that will support the construction, rehabilitation, and preservation of tens of thousands of affordable homes for lower-income Californians. Time is short: Funds from the last state bond in 2018 have been completely exhausted. We are counting on policymakers to act now to ensure every community can continue building the affordable housing Californians need.”

“Too many Californians — especially people of color and low-income families — are being pushed out of their communities because they can’t afford rent, putting them at direct risk of homelessness,” said Chione Lucina Muñoz Flegal, Executive Director of Housing California. “This bond is a welcome step toward building the affordable homes Californians need, bringing resources to millions of people struggling to make ends meet, and giving voters the power to take action on one of the state’s most urgent crises. We applaud Assemblymember Wicks and Senator Cabaldon for their leadership on this critical measure and stand ready to fight alongside them to move California toward true housing stability and shared prosperity.”

If approved by voters in the 2026 election, AB 736 and SB 417 would distribute $10 billion in bond funds as follows:

• $5.25 billion for the Multifamily Housing Program, the omnibus affordable rental housing program; SB 417 would also direct some of these funds to the Infill Infrastructure Grant Program.
• $1.75 billion for supportive housing for persons experiencing homelessness through the Multifamily Housing Program.
• $800 million for the Portfolio Reinvestment Program which rehabilitates existing affordable housing.
• $500 million for the Community Anti-Displacement and Preservation Program as envisioned in last year’s SB 225 to acquire and ensure long-term affordability of existing unsubsidized housing.
• $1 billion for homeownership assistance, with funding directed to the CalHome Program for grants to local governments and nonprofits, and the CalHFA’s Downpayment Assistance Program for direct assistance to first-time homebuyers.
• $250 million for tribal housing through the new Tribal Housing Grant Program.
• $250 million for farmworker housing through the Joe Serna, Jr. Farmworker Housing Grant Program.
• $200 million for programs that promote energy efficiency for affordable housing (Assembly version) or provide rental assistance and additional funding in rental markets impacted by wildfires (Senate version).

This year’s bond proposals are designed to be a fiscally responsible investment, leveraging federal tax credits, local grants, and resident rent payments to maximize impact. Every $1 invested by the state is expected to be matched by $4 in additional funding sources. Importantly, the bond has no impact on the 2025-26 budget, as the state would not issue bonds until 2027 at the earliest.

“A $10 billion statewide affordable housing bond is a vital investment that will help us address the No. 1 crisis plaguing California: housing affordability. I want to express my deep appreciation to Assemblymember Wicks and Senator Cabaldon for their leadership and vision in pushing this important initiative forward,” said San Diego Mayor Todd Gloria. “My administration has led and supported reforms to help create, retain, and restore housing opportunities for our city’s residents, and the additional state funding this bond enables will help us do much more to build more homes, create more jobs, and offer greater stability to families across California.”

About Assemblymember Buffy Wicks

Assemblymember Buffy Wicks represents California’s 14th Assembly District, which includes all or portions of the cities of Oakland, Richmond, Berkeley, Albany, El Cerrito, San Pablo, Pinole, El Sobrante, Hercules, Rodeo, Kensington, and Piedmont. You can learn more about Assemblymember Wicks at http://a14.asmdc.org.

About Senator Christopher Cabaldon

Senator Christopher Cabaldon was elected to the California State Senate in 2024, representing the people of Wine Country, the Delta, the North Bay, and the Sacramento Valley who make their home in the 3,000 square miles of the Third Senate District. You can learn more about Senator Cabaldon at https://sd03.senate.ca.gov.