California voters will decide Proposition 37 on November 3, 2026, which would authorize the California Housing Finance Agency to issue up to $25 billion in revenue bonds for a second-mortgage program offering eligible middle-income buyers up to 17% of the purchase price on qualified new homes, with borrowers required to meet income caps, residency rules, and a 3% minimum down payment. Bonds would be repaid through homeowner mortgage payments rather than state general funds. Trader consensus favoring passage at 72% reflects the measure’s self-supporting structure, absence of organized opposition, support from labor organizations and state officials, and sustained public focus on homeownership access amid high housing costs. A June PPIC survey indicated majority likely-voter backing, and recent reporting highlights the initiative’s distinction from the separate veterans and affordable-housing bond on the same ballot.