**California Proposition 37, a citizen-initiated statute on the November 3, 2026 ballot, would authorize the California Housing Finance Agency to issue up to $25 billion in revenue bonds for a second-mortgage program.** Eligible middle-income buyers (up to 200% of area median income) could receive fixed-rate loans covering up to 17% of the purchase price on newly constructed or converted homes priced below county-specific limits, paired with at least 3% buyer down payment. The bonds would be repaid solely through borrower mortgage payments, with no direct state or local fiscal costs. The measure qualified after collecting well over the required signatures and has drawn support from labor unions, real estate interests, and State Treasurer Fiona Ma, with no opposing arguments filed for the voter guide. A mid-2026 PPIC poll showed 53% likely-voter backing, and the absence of organized opposition combined with the program’s focus on new supply and self-funding structure underpin the current trader consensus favoring passage.