CA Legislative Leaders Deliver on Promise to Keep California Affordable by Securing Passage of Historic $11.…

FOR IMMEDIATE RELEASE

Contact:

Mario B. Lopez, Communications Director

Office of Senator Dave Cortese | District 15

Phone: 408-545-8205 | Email: Mario.lopez@sen.ca.gov

SACRAMENTO, CA — California State Senator Dave Cortese (D-San Jose) issued the following statement in response to the Legislature’s successful passage of Senate Bill 417 (SB 417), shepherded by Senate President pro Tempore, Monique Limon (D-21), and Speaker of the Assembly, Robert Rives (D-29), which will now place a historic and unprecedented $11.25 billion Veterans and Affordable Housing Bond before voters on this year’s November General Election ballot. Senator Cortese further lauded the Legislature’s approval of Assembly Constitutional Amendment 20 (ACA 20) by Assemblymember Jesse Gabriel (D-46), which aims to strengthen and double the state’s Rainy Day Fund cap from 10% to 20%. ACA 20 is also referred to as the Save for California’s Future Act. 

"California cannot afford to continue treating its housing shortage and fiscal volatility as problems for another day.

The housing crisis is driving working families out of our communities, pushing more Californians into homelessness, and threatening our state's economic competitiveness. We know what needs to be done. Today, there are approximately 40,000 affordable housing units across California that are shovel-ready but stalled because financing has dried up and construction costs have soared. These projects have already been planned, approved, and penciled out. What's missing is the capital needed to get shovels in the ground.

The Veterans and Affordable Housing Bond Act of 2026 is a critical step toward closing that gap. It will provide the resources necessary to unlock housing production, preserve existing affordable homes, and ensure veterans, seniors, working families, and vulnerable Californians have access to safe and affordable places to live.

But financing housing cannot stop with one bond measure. That's why I introduced SB 750, the California Housing Finance and Credit Act, which would leverage California's world-class credit rating to attract private investment and expand financing for affordable housing developments. California has one of the strongest economies in the world. We should be using that strength to build housing, create jobs, and address one of the greatest challenges facing our state.

At the same time, California must prepare for the economic storms we know will come. The Assembly's approval of the Save for California’s Future Act recognizes a simple truth: responsible government plans ahead. Strengthening our Rainy Day Fund will help protect essential services, shield vulnerable residents from devastating budget cuts, and provide greater stability when revenues inevitably decline.

These actions are not contradictory—they are complementary. California must be capable of making bold investments while maintaining fiscal discipline. We can build housing and strengthen our reserves. We can address today's challenges while preparing for tomorrow's uncertainties.

For too long, California has allowed housing shortages and budget volatility to become recurring crises. The cost of inaction has been measured in families displaced, opportunities lost, and public trust eroded. The Legislature is sending a different message: we are choosing to confront these challenges head-on.

Now, California voters will have the opportunity to decide whether we invest in housing, honor our commitments to veterans, and strengthen our state's financial foundation for generations to come."

Senator Dave Cortese represents Senate District 15, which encompasses San Jose and much of Santa Clara County in the heart of Silicon Valley. Visit Senator Cortese’s website: https://sd15.senate.ca.gov

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