Ballot Stakes · Nov 3, 2026 · Irvine, CA
Prop 38: $8.4 billion bond for immunology and immunotherapy research
California would borrow $8.4B for immunology research; about half goes to one billionaire-founded UCLA-linked institute.
A Yes vote means
The state may borrow $8.4 billion via general obligation bonds for immunology and immunotherapy research.
A No vote means
The state could not borrow the $8.4 billion for this purpose; no new General Fund debt service; no new institute earmark or grant council is created.
Who pays: leans poor and middle class pay. Whose pocket it lands in: leans ends with billionaires.