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 covering up to 17 percent of the purchase price on newly constructed or converted homes priced under county limits. Recent PPIC polling shows 61 percent support among likely voters, with majorities across most demographic and regional groups and stronger backing from renters and Democrats. The measure qualified for the ballot through citizen signatures and faces no organized opposition campaign. Its structure—bonds repaid solely through borrower payments with no direct state fiscal impact—has contributed to the current trader consensus reflected in the 62.5 percent implied probability for passage. Upcoming campaign spending and final turnout patterns remain key variables before election day.