This post was updated June 26 at 10:19 a.m.

Californians will vote on a bond that would allocate $350,000,000 to new affordable student housing projects in the November election. 

Senate Bill 417 – the Veterans and Affordable Housing Bond Act of 2026 – passed the California State Senate and was approved by Gov. Gavin Newsom on Thursday. The $11.25 billion bond would fund affordable housing projects across the state, including at colleges.

If passed, the money for student housing projects would be split evenly between the UC and California State University systems. 

The bond will also be used to support multifamily housing projects and housing for former foster youth and minors experiencing or at risk of experiencing homelessness.

Assemblymember Jessica Caloza said in an emailed statement that the bill gives Californians a say in shaping the future of the state.

“Housing is the number one cost driver for Californians, and too many students, working families, and young people are wondering if they’ll ever be able to afford a place to call home,” she said in the statement. “SB 417 makes a significant investment in affordable housing, but just as importantly, it empowers Californians to decide whether this investment is the right path forward.”

Nearly 200,000 Californians experienced homelessness in 2025, a 2.8% decrease from 2024 according to a report from the United States Department of Housing and Urban Planning. Five percent of students at the UC and 10% of students in the CSU system faced homelessness as of April 2024, according to the California Higher Education Policy Institute.

The state spent $31 million in 2025 to aid students experiencing homelessness by providing emergency housing and other support at most public universities and some community colleges, according to Calmatters. 

The UC Office of the President did not respond immediately to a request for comment.

“In California, we don’t turn away from the needs of our people – we meet them head-on,” Newsom said in a Thursday press release following his approval of the bill. “This bond is about building communities, expanding access and affordability in California, where every family has a fair shot at a place to call home.”

Contributing reports by Sophia Pu, Daily Bruin contributor.