Social Housing Bond Act of 2026.

Assembly Member Lee proposes establishing a $950 million social housing program through a voter-approved bond measure aimed at expanding California's affordable housing stock. The legislation would create the California Housing Authority to develop and manage publicly-owned, mixed-income housing developments across the state.

The measure establishes strict requirements for social housing developments, mandating public ownership, mixed-income occupancy, and permanent affordability protections. Residents would receive enhanced tenant protections, including safeguards against arbitrary eviction, and would participate in property management decisions. The housing units could not be sold to private entities.

If approved by voters in November 2026, the bonds would fund a new Social Housing Revolving Loan Fund providing zero-interest construction financing for mixed-income developments. The California Housing Authority would oversee bond issuance and program implementation, with a mandate to help jurisdictions meet regional housing needs assessment targets. The authority would operate on a revenue-neutral basis, with bond repayment secured through state revenue collections.

The proposal responds to data showing over 40% of California households spend more than 30% of income on housing, while most jurisdictions have not met affordable housing production goals. The bill requires immediate implementation to allow sufficient preparation time before the 2026 bond election.