California · November 3, 2026 · Initiative Statute

Proposition 37: Creates Loan Program for Middle-Income Buyers of Qualified New Homes.

Establishes a second-mortgage homebuyer program administered by the California Housing Finance Agency for qualified homebuyers on qualifying new homes, funded by up to $25 billion in revenue bonds.

The official ballot language

Creates Loan Program for Middle-Income Buyers of Qualified New Homes. Initiative Statute.

Authorizes $25 billion in bonds to offer eligible buyers fixed-rate mortgages for up to 17% of purchase price of a newly constructed home priced below about $1.5 million. Borrowers must be California residents, occupy the home, meet income limits, and pay at least 3% down. Bonds repaid by mortgage payments, not State. Fiscal Impact: No direct state or local costs.

Source: California Secretary of State

What your vote does

A YES vote

A YES vote on this measure means: The state would create a new homebuying assistance program. The state could sell up to $25 billion in revenue bonds to fund the program. Bonds would be paid back by homeowners' payments on their home loans.

A NO vote

A NO vote on this measure means: The state would not be required to create a new homebuying assistance program.

Source: Ballotpedia

What's actually in it — provision by provision

Propositions bundle things together. Here is every operative provision, separately:

Creates a CalHFA second-mortgage program for middle-income buyers (income at or below 200% of area median income) purchasing qualifying newly built homes as a primary residence.
Basis: Ballotpedia: second mortgages for qualified homebuyers on qualifying new homes; income at or below 200% of area median income; at least 3% down payment.
Authorizes CalHFA to issue up to $25 billion in revenue bonds to fund the loans; the bonds are repaid from homeowners' mortgage payments, not the state General Fund.
Basis: Ballotpedia: CalHFA may issue up to $25 billion in revenue bonds; repaid by homeowners' mortgage payments (bonds not repaid from state General Fund).

Arguments, both sides

In favor

“Zero Taxpayer Cost—No Taxpayer Risk. Prop. 37 makes buying a home more affordable, keeping homeownership attainable for hardworking and middle-class Californians.”
— Proponents (Official Voter Information Guide argument) [source]

“This is about ownership. Because, as I always say, home is where the wealth is.”
— Robert Hertzberg, former CA Senate Majority Leader and Assembly Speaker, initiative sponsor [source]

Against

“Prop 37 could help a family buy a home without making it affordable to keep. Voters would not know the interest rate, loan term, or monthly payment before approving the program.”
— League of Women Voters of California [source]

“No argument against Proposition 37 was submitted.”
— Official Voter Information Guide [source]

Who's funding each side

Support: $56.5M · Oppose: $0

As of Reports through September 19, 2026; next filing deadline October 22, 2026.

Top supporters: Sergey Brin; L. John Doerr, III; Patrick Collison; Eric Schmidt; Vinod Khosla

Source: Ballotpedia campaign finance

Endorsements

Supporting

Xavier Becerra
Matt Mahan
Katie Porter
Tony Thurmond
Antonio Villaraigosa
Robert Hertzberg
Darrell Steinberg
Fiona Ma
Northern California Carpenters Regional Council
United Brotherhood of Carpenters and Joiners of America
Western States Regional Council of Carpenters
California Conference of Carpenters
United Nurses Associations of California
California Association of Realtors
California Chamber of Commerce

Opposing

League of Women Voters of California
Reform California

Source: Ballotpedia

Polling

Public Policy Institute of California · Sept. 4, 2026–Sept. 10, 2026

Yes 61% · No 35% · Undecided 3%

1103 LV

Source

Fiscal impact

No direct state or local costs. (Ballotpedia.)

How does Proposition 37 line up with your values?

Take the 13-question AlignAlgo Vote questionnaire and get a scored breakdown of this measure — provision by provision.

Take the questionnaire See my alignment