Prop. 38 explained: $8.4 billion bond for immunology research
Half the money would go to one new research institute and half to grants for UC campuses and other institutions.
SAN JOSE - Proposition 38 is a citizen initiative that would let California borrow $8.4 billion through general obligation bonds to pay for immunology research. Immunology is the study of the body's immune system, including treatments that use the immune system to fight disease.
What it would do
According to the Legislative Analyst's Office (LAO), at least $4.2 billion would go to research on cancer, heart disease and Alzheimer's disease. About half the money would go to a single research institute chosen by the state Department of Public Health and affiliated with the University of California. The other half would go to grants awarded by a council representing seven UC campuses and 10 to 15 other research institutions.
The state would receive 10% of the money earned from discoveries the program pays for, and spending on administration would be capped at 2%.
Who would be affected
Research universities and institutes, including those in the Bay Area that apply for grants, along with patients who might benefit from new treatments, would be most affected. All state taxpayers would share the repayment cost.
What it would cost
The LAO estimates repayment of $500 million to $600 million a year for about 20 years, which could be partly offset by the state's share of discovery revenue.
Supporters and why
Supporters include the Michael J. Fox Foundation for Parkinson's Research, the Alzheimer's Association, the ALS Association and the American Nurses Association\California. Their argument features cancer survivor Laurie Adami.
"Vote YES on PROP. 38 because every family facing a devastating diagnosis deserves this same hope." - Laurie Adami, in the argument in favor
Opponents and why
The argument against was written by Robert M. Kaplan, Ph.D., of Stanford's Clinical Excellence Research Center. He says borrowing is the wrong way to pay for science and that voters should not pick research topics.
"California recognizes that continued investment in science is essential. But this proposition is not the best way to achieve that goal." - Argument against Prop. 38
Where the parties stand
Prop. 38 is the only measure on the ballot that both major parties support: the California Democratic Party and the California Republican Party each recommend yes. Voters are more split: PPIC found 70% of Democrats, 53% of independents and 37% of Republicans in support.
The money
The Yes campaign is funded mainly by surgeon and inventor Gary K. Michelson, whose listed contributions include about $15 million, $13 million, $12 million, $10 million and $5 million, plus gifts from his Michelson Center. Meyer Luskin gave $4 million. The largest listed No contribution is $5,000.
Polling
In a Public Policy Institute of California (PPIC) survey of 1,086 likely voters taken Oct. 16-22 (margin of error plus or minus 3.8 points), 57% said yes and 41% no, similar to 55% yes in September.
What your vote means
A yes vote means the state could borrow $8.4 billion for immunology research. A no vote means it could not.
Source: Secretary of State, Voter Information Guide, Prop. 38; Legislative Analyst analysis, Prop. 38; Official arguments and rebuttals, Prop. 38; Secretary of State Quick Guide to Props, Prop. 38; California Democratic Party endorsements; California Republican Party endorsements; PPIC Statewide Survey, October 2026