Opinion: Vote No. Prop 38 Is an $8.4 Billion Money Grab

October 7, 2026

Proposition 38, a California ballot measure backed by two billionaires, would authorize $8. 4 billion in state borrowing for immunology research, but critics argue it's designed to funnel money to the sponsors' own interests. The measure directs half of the bond funds—$4.

Who is affected

California taxpayers (who would pay over $500 million annually for 20+ years)
Two unnamed billionaires backing Proposition 38
The California Institute of Immunology and Immunotherapy (CIII)
Existing nationally recognized California research institutions
Recipients of state-funded programs (health, higher education, childcare, and social programs that may face reduced funding)
California voters

What action is being taken

Two billionaires spent millions to place Prop 38 on the ballot
Opponents are campaigning against Proposition 38
SB 895 (California Science and Health Research Bond Act) is awaiting the governor's signature

Why it matters

This proposition represents a significant use of California's initiative process that could set a precedent for wealthy individuals directing public funds to their own ventures without standard oversight. The measure would commit substantial taxpayer resources to a non-existent institution exempt from transparency and accountability requirements, while potentially diverting funds from critical state programs already strained by federal funding cuts. The issue highlights concerns about whether California's ballot initiative system can be exploited by billionaires to serve private interests under the guise of public benefit.

What's next

If SB 895 is approved by the governor, it will be placed on the March 2028 ballot to authorize a $7.5 billion bond with competitive funding processes
Voters will decide on Proposition 38 in an upcoming election
Opponents encourage visiting their website to learn more and join the campaign against Prop 38

Read full article from source: The San Diego Voice & Viewpoint