California Ballot Propositions 2026: $155 Billion at Stake in November

California voters will decide on five proposals during the November 3 midterm elections that could affect approximately $155 billion, according to a projection by The Center Square.

However, that figure does not mean families will face an equivalent amount in new taxes. The measures would affect state debt, taxes, housing, and public services in different ways.

• Why it matters: For workers and middle-income families, the central questions are who would ultimately pay and what indirect benefits or costs could emerge over the next several years.

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California Ballot Propositions 2026 Put $155 Billion at Stake

Propositions 1, 2, 3, 37, and 40 will be among the economic decisions placed before California voters in November.

• Proposition 1 would authorize $11.25 billion in bonds for affordable housing, including projects for veterans and programs addressing homelessness.

The measure would cost the state approximately $500 million to $600 million annually for about 25 years, according to the official fiscal analysis.

• Proposition 2 would increase the amount California must place in its emergency reserve and extend the timetable for making additional debt payments.

The midterm elections arrive on November 3. Although the president is not being elected, important positions and decisions for the country’s future will be at stake. Inform yourself, register, and vote. 09/09/26

Ready to vote? Find the registration link in the comments. pic.twitter.com/6PBlaN3Qm0

— Asi Veo Las Cosas (@_asiveolascosas) September 9, 2026

Would Taxes Rise for Working Families?

Two of the most significant tax measures would primarily target high-income residents, rather than middle-income families.

• Proposition 3 would make current higher income tax rates for high-income taxpayers permanent, preserving funding for education and other public services.
• Proposition 40 would impose a 5% tax on the wealth of multimillionaires to increase funding for education, healthcare, and other programs.

However, critics warn that higher taxes on large fortunes could encourage some wealthy taxpayers to leave California, potentially reducing other sources of state revenue.

Housing Will Also Be at Stake in November

For some working families, one of the proposals could offer a more direct opportunity:

Proposition 37 would authorize $25 billion in bonds to assist eligible first-time homebuyers.

• The program could finance up to 17% of a home’s purchase price. The bonds would be repaid through loans issued to participants and would not impose a direct cost on state or local governments.
• Chris Hoehne, executive director of the California Budget & Policy Center, told The Center Square that “the vast majority of California taxpayers will not see any real effect on their tax bill.”

The November 3 elections involve more than choosing representatives: Voters will also decide how California raises, saves, borrows, and allocates billions of dollars over the coming years.