**Proposition 37 would authorize the California Housing Finance Agency to issue up to $25 billion in revenue bonds for a middle-class homeownership loan program, providing eligible buyers up to 17 percent of the purchase price as a second mortgage on newly constructed homes priced below county-specific limits.** Borrowers must meet one-year residency rules, occupy the property as their primary residence, stay within 200 percent of area median income, and contribute at least 3 percent down; the bonds would be repaid solely through borrower payments with no direct state or local fiscal cost. The initiative qualified for the November 3, 2026 ballot after signature verification in April 2026 and draws backing from real estate and labor groups. With the election roughly one month away, trader consensus at 68.5 percent Yes reflects the measure’s low-risk structure, limited organized opposition in official voter materials, and sustained public focus on housing affordability.