**California Proposition 37, a citizen-initiated statute on the November 3, 2026 ballot, authorizes the California Housing Finance Agency to issue up to $25 billion in revenue bonds for a middle-class homeownership loan program.** Eligible buyers—California residents of at least one year with household income at or below 200% of area median income—could receive fixed-rate second mortgages covering up to 17% of the purchase price of newly constructed homes priced below county-specific limits (roughly $1–1.5 million). Buyers must contribute at least 3% down and occupy the home as their primary residence. Bonds would be repaid through borrower payments with no direct state or local fiscal cost. A September 2026 PPIC poll of likely voters found 61% support, up from 53% in June, with majorities across most demographic and regional groups and backing from real estate groups, labor unions, and some Democratic figures. No organized opposition has registered, and official analyses emphasize the self-funding structure. These factors align with traders assigning a 67.5% implied probability to passage, reflecting the measure’s appeal on housing affordability without new taxpayer obligations ahead of the election.