California’s $11.3B Housing Bond Heads to Voters

California estimates it needs ~180K new homes yearly to meet demand, yet actual construction remains a little less than half that pace.
Even with ~$24B in state housing subsidies, California's median house price is pushing $1M, underscoring how affordability efforts have not closed the supply gap.
In Orange County, one new development was approved recently after ~50 yr in review, illustrating how long entitlement timelines can stall new supply.
For an avg. new home, approvals can add ~$40K, while multiple agencies can block projects even when no single decision-maker can say yes.
State leaders backed an $11.25B bond measure headed to the Early-Q4 2026 ballot, partly to fund tens of thousands of approved affordable units statewide.