California's Proposition 37, a citizen-initiated statute authorizing up to $25 billion in self-repaying revenue bonds for a CalHFA-administered second mortgage program aiding middle-income buyers of new or converted homes, qualified for the November 2026 ballot after collecting nearly double the required signatures. The measure targets residents meeting income limits up to 200% of area median, with at least 3% down payment required, and carries no direct state fiscal cost according to official analyses. Its narrow trader-implied probability near 55% for passage reflects California's persistent housing affordability pressures alongside voter caution toward large-scale bond authorizations, even those structured for repayment through borrower payments rather than taxes. No organized opposition has emerged, while supporters include labor organizations and state officials.