California voters will decide Proposition 37 on November 3, 2026, which authorizes the California Housing Finance Agency to issue up to $25 billion in revenue bonds for second mortgages covering as much as 17% of the purchase price on newly constructed or converted homes priced below county-specific limits. Eligible buyers must meet one-year residency rules, occupy the home as their primary residence, pay at least 3% down, and have household income at or below 200% of the local area median. The bonds would be repaid through borrower payments with no direct state or local fiscal cost. The measure qualified for the ballot after gathering well over the required signatures and has drawn support from labor unions, real estate groups, and state Treasurer Fiona Ma, with no organized opposition filed. An earlier PPIC poll showed slim majority backing among likely voters, though homeowner turnout patterns could influence the final outcome.