California Voters to Decide on Billionaire Tax and Housing Bonds

California voters will head to the polls on November 3, 2026, to elect a new governor and decide on a series of statewide propositions. The election follows the departure of Gavin Newsom, who is leaving office due to term limits. Candidates for the governorship include Xavier Becerra, Steve Hilton, Fiona Ma, and Gloria Romero.

The ballot features between 14 and 15 measures, with a heavy emphasis on taxes and state debt. Key proposals include Proposition 1, which would authorize $11.25 billion in bonds for affordable housing, and Proposition 37, which proposes $25 billion in bonds for second mortgages. Proposition 38 seeks $8.4 billion for immunology research.

Taxation is a central theme, led by Proposition 40, a Billionaire Tax proposing a 5% tax on the global assets of approximately 200 individuals to fund healthcare. In response, Propositions 41 and 42 were introduced to block wealth taxes and mandate audits of special tax programs. Additionally, Proposition 3 seeks to make high-income tax rates permanent to fund education and healthcare, a measure pushed by the California Teachers Association.

Other measures address governance and election integrity. Proposition 39 would introduce government-issued identification requirements for voting, while Proposition 43 aims to require a two-thirds vote for all local special taxes. Additional propositions cover public campaign financing, the state rainy day fund, and the recall process for statewide officers.