14 statewide measures on the ballot.

Authorizes $11.25 billion in state general obligation bonds for housing affordability programs, including for California veterans, and to finance housing development projects seeking federal tax credits. Allocates funds: $5.1 billion to build and rehabilitate multifamily rental housing; $2.1 billion to acquire, rehabilitate, or preserve affordable housing units, and provide supportive housing for those experiencing homelessness; $1.25 billion for state-funded mortgages for California veterans; $1.1 billion for homeownership and downpayment assistance; $1 billion for farmworker, tribal, and student housing; $500 million for housing infrastructure; and $200 million to support local housing programs.

Increased state cost of $500 million to $600 million annually for about 25 years to repay the housing bond.

Increases California’s Rainy Day Fund, approved by voters in 2014, to provide funding for education, health care, public safety, and other essential services during economic downturns. Doubles the budget reserve cap from 10% to 20% of General Fund revenues, requiring savings until Fund’s balance equals 20% of General Fund. Requires additional savings in years when tax revenues are high. Increases budget reserves available for education, state debts, and pension obligations.

State budget reserves would be higher.

Makes permanent the existing 2012 voter-approved tax rates for high-income Californians, currently set to expire in 2031. Rates apply to income over about $371,000 for single filers, $742,000 for joint filers, and $505,000 for heads of household (2025 levels; adjusted annually for inflation). Allocates tax revenues 89% to K–12 schools, 11% to community colleges. Allows local school boards to decide how revenues are spent; bars use for administrative costs. Increases General Fund revenues available for health care, budget reserves, and other programs.

Maintains $5 billion to $15 billion of annual state income tax revenue by making a temporary tax increase on high-income earners permanent instead of letting it expire in 2031.

Current law prohibits state and local governments from using public funds for election campaigns except in charter cities and counties. This measure repeals that prohibition and allows state and local governments to establish public campaign financing programs for candidates who agree to specified spending limits and meet eligibility criteria. Prohibits public funding programs from using funds earmarked for education, transportation, or public safety. Prohibits candidates from using public funds for legal defense costs, fines, or repayment of personal loans to campaigns. Triples maximum fine for campaign contributions by foreign entities.

Ongoing costs to the state of a few hundred thousand dollars each year for the Fair Political Practices Commission to answer questions from state and local governments about public campaign finance programs.

Under current law, voters decide at the same election whether (1) to recall a state officer, and (2) who will replace that officer if recalled. Under this measure: if the Governor is recalled, the Lieutenant Governor becomes Governor for the remainder of the term or until a successor is elected; for all other recalled officers, the office will remain vacant until filled by a subsequent special election or appointment as specified in existing law; and a recalled officer may be a candidate in a special election to fill the office.

Net fiscal effect unknown. Possible state and local government savings or costs of millions of dollars to administer recall elections. These costs or savings would be rare, and depend on the office recalled and how often recalls occur.

Authorizes up to $25 billion in bonds to offer eligible buyers fixed-rate mortgages for up to 17% of the purchase price of a “qualified new home” (new construction or first sale of converted nonresidential property, priced below about $1 million–$1.5 million, depending on county, adjusted annually). Borrowers must be California residents for one year, occupy the home, earn less than twice the area’s median income, and pay at least 3% down. Requires that bonds be repaid by homeowners’ mortgage payments, not the State.

No direct state or local costs.

Authorizes $8.4 billion in state general obligation bonds for immunology and immunotherapy research (technologies that use body’s immune system to treat disease), with half dedicated to cancer, heart disease, and Alzheimer’s disease. Allocates funds equally between (1) a single University of California-affiliated nonprofit medical research institute, and (2) research grants for public or nonprofit universities and institutions. Requires funding recipients to sell technology and drugs derived from research in California for 20% below national average price. Appropriates money from General Fund to repay bonds; General Fund receives 10% of licensing royalties until bonds are repaid.

Increased state cost of $500 million to $600 million annually for about 20 years to repay the medical research bond. The state could recover part or all of this cost in subsequent decades if the funded research leads to discoveries that generate revenue.

Prohibits voting by mail unless voter designates a government-issued identification number for their voter registration. Invalidates mail ballots if envelope does not include last four digits of a government-issued identification number matching the number designated in the voter’s registration (e.g., if voter designates Social Security number for registration, but provides driver’s license number on envelope, their ballot would not count). Prohibits voting in person without presenting government-issued identification. Requires elections officials to annually report percentage of each county’s voters whose citizenship status they have verified.

State and local government costs of between tens of millions of dollars and low hundreds of millions of dollars each year to implement new voting requirements. Costs depend on future decisions by the Legislature, state departments, local governments, and voters.

Imposes one-time tax of up to 5% on certain taxpayers with covered assets valued over $1 billion; covered assets include businesses, securities, art, collectibles, and intellectual property, but exclude real property and some pensions and retirement accounts. Allocates 90% of these tax revenues for health care, 10% for food assistance or education-related programs; prohibits using revenues to replace existing funding for these purposes. Exempts such tax revenues from constitutional requirements for school funding, budget reserves, and state spending limit.

Temporary state revenue increase from a new wealth tax on billionaires. These wealth tax revenues probably would add up to tens of billions of dollars spread over several years. Possible ongoing decrease of less than $1 billion per year in state income tax revenue collected from billionaires.

Prohibits any new state taxes that exclude their revenues from the state spending limit approved by voters in 1979. For statewide special taxes, requires (1) a pre-election audit of programs that would receive funding from a voter-proposed special tax, and (2) recurring audits of programs funded by special taxes enacted after January 1, 2026. States that other voter-approved measures appearing on the same ballot are void if they conflict with this measure and this measure receives more affirmative votes.

Unknown net fiscal effect. Increased costs for the California State Auditor to implement new one-time and ongoing audit requirements of programs funded by special taxes. These costs would be mostly paid from the new revenues collected from the special taxes. Possible savings associated with implementing recommendations from the audits.

Prohibits new state taxes on personal property, including business interests, intellectual property, and financial assets (including assets in retirement and investment accounts). Prohibits new state taxes that apply retroactively based on the taxpayer’s conduct, activities, or a status that occurred before the new tax’s effective date. Applies to new taxes that are enacted or take effect on or after January 1, 2026. States that other voter-approved measures appearing on the same ballot are void if they conflict with this measure and this measure receives more affirmative votes.

Possibility that tax revenues will not go up as much in the future.

Currently, local governments must obtain two-thirds voter approval to impose, extend, or increase special taxes (taxes dedicated to a specific purpose) that they place on the ballot. However, this two-thirds vote requirement does not currently apply to special taxes put on ballot by voter signature gathering. This measure would limit voters’ ability to pass voter-proposed local special taxes by raising the percentage of votes needed to approve such ballot measures from a majority (over 50%) to two-thirds. Applies to voter-proposed ballot measures approved after January 1, 2027.

Possibility that local government tax revenues will not go up as much in the future due to a higher vote threshold for certain taxes.

Imposes penalties on nonprofit Federally Qualified Health Centers (community clinics providing primary care to medically underserved areas and populations) that spend less than 90% of revenue on “program services” advancing their charitable purpose, including but not limited to patient services. Department of Public Health may waive spending requirements in exceptional circumstances. Authorizes Attorney General to publish guidance defining qualifying expenditures. Monetary penalties may be refunded if centers become compliant within five years. Authorizes criminal charges for false reports or artificially increasing spending ratio.

Increased state costs in the low tens of millions of dollars per year to enforce the new requirements on certain private nonprofit health care clinics, covered by fees charged to the affected clinics.

Amends California Environmental Quality Act (CEQA) to expedite environmental review for specified project categories (including most housing, transportation, water, health, wildfire mitigation, educational facility, internet access, and clean energy projects). For these types of projects, this measure: Sets deadlines for public agencies to complete environmental review and take required actions. Allows expedited review of environmental impacts, limiting public agencies’ current obligation to consider a range of feasible project alternatives to reduce environmental impacts. Establishes deadlines for filing and resolving lawsuits challenging project approvals; limits evidence courts may consider and relief courts can order.

Initial costs for state and local governments, likely in the high tens of millions of dollars annually—potentially exceeding $100 million annually—to implement new project review and court challenge procedures for eligible projects. Fees paid by project applicants and people filing lawsuits would partly cover these costs. In the longer term, uncertain, but potentially more significant positive or negative fiscal effects for state and local governments. The overall effect depends, in part, on how the new procedures change the number of eligible projects that get built and whether those projects have different environmental impacts.