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 loan program aiding middle-income buyers of new or converted homes priced under county-adjusted caps. The measure, which qualified for the ballot after collecting nearly 900,000 signatures, targets households earning up to 200% of area median income and requires at least 3% down payment, with repayment funded solely through borrower mortgage payments rather than state general funds. Official supporters include labor organizations and Treasurer Fiona Ma, while no formal opposition has been submitted. Trader consensus at 58% Yes reflects the absence of organized resistance, persistent statewide housing affordability pressures, and early polling signals near a narrow majority, tempered by typical voter caution on large bond authorizations and competing housing measures also appearing on the ballot.