Senate approves $11.25 billion Veterans and Affordable Housing Bond after heated debate
After hours of debate over labeling and allocation, the California Senate voted to place SB 417 — an $11.25 billion Veterans and Affordable Housing Bond Act — on the ballot. Supporters said it funds 45,000 ready-to-build affordable homes and veterans programs; opponents called it a "veterans bait bond" because a minority of funds are targeted to veterans.
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The California Senate on June 26 approved SB 417, the Veterans and Affordable Housing Bond Act of 2026, a proposed $11.25 billion bond package intended to fund a range of housing programs across the state, including $1.25 billion in revenue bonds for veterans and $10 billion in general obligation bonds for broader affordable‑housing investments.
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