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 second mortgages covering as much as 17 percent of the purchase price of newly constructed homes. Eligible buyers must meet income limits up to 200 percent of area median income, occupy the home as primary residence, and contribute at least 3 percent down payment, with all repayment obligations falling on borrowers rather than taxpayers. June 2026 PPIC polling showed 53 percent support among likely voters, yet homeowner turnout patterns and skepticism toward large-scale bond initiatives have kept the race competitive. Recent voter guides and endorsements from labor and real estate groups have clarified program mechanics ahead of the election. Late polling shifts, turnout differentials, or coordinated opposition messaging on housing costs could still alter the narrow margin reflected in current trader pricing.