- California Recall Election Reform Proposition49¢49%
California voters will decide Proposition 5 on the November 3, 2026 ballot, a legislative constitutional amendment that would eliminate the successor question from state recall elections and route vacancies through existing appointment, succession, or special election rules. A September Public Policy Institute of California survey of likely voters showed 59 percent opposing the measure and 35 percent supporting it, reflecting sustained resistance to changes proposed after the costly 2021 gubernatorial recall effort. Democrats in the legislature advanced the reform to address concerns over plurality winners and recall costs, while opponents, including Republican lawmakers and groups such as the Election Integrity Project California, argue it would reduce voter input on replacements and create representation gaps. This polling gap and partisan divide underpin trader consensus against passage.
Rules
Proposition 5 is a California ballot measure currently scheduled for voting on November 3, 2026. It would eliminate the election to pick a successor immediately after a recall. This market will resolve to “Yes” if the specified ballot measure is approved by a majority of voters at the California statewide general election currently scheduled for November 3, 2026. Otherwise, this market will resolve to “No.” If voting on the specified ballot measure does not occur, or the results thereof are not known definitively, by March 31, 2027, this market will resolve to “No”. This market will resolve based on a consensus of credible reporting. If there is ambiguity, this market will resolve solely based on official information from the State of California, including the California Secretary of State (https://www.sos.ca.gov/).