California voters will decide Proposition 37 on November 3, 2026, an initiated statute authorizing the California Housing Finance Agency to issue up to $25 billion in revenue bonds for second mortgages covering as much as 17 percent of the purchase price on qualifying new homes. Eligible buyers must meet income caps at 200 percent of area median income, provide at least 3 percent down, and occupy the property as their primary residence. Bonds would be repaid through borrower payments rather than general fund revenue, producing no direct state or local costs according to the Legislative Analyst’s Office. The measure qualified via petition signatures in spring 2026 and has drawn support from labor groups and real estate interests amid ongoing housing affordability pressures. A June 2026 PPIC survey indicated 53 percent likely-voter backing, consistent with trader pricing that places the probability of passage at 69 percent. No organized opposition campaign has registered to date.