**California Proposition 37 would authorize the California Housing Finance Agency to issue up to $25 billion in revenue bonds for a second-mortgage program helping middle-income buyers (up to 200% of area median income) purchase newly constructed or converted homes priced under county limits, with borrowers putting down at least 3% and repaying loans through monthly payments rather than state funds.** The measure qualified for the November 3, 2026 ballot after collecting over 600,000 valid signatures. It draws support from real estate groups, labor unions, and figures including State Treasurer Fiona Ma, with arguments centered on expanding homeownership access and spurring construction without direct taxpayer costs or General Fund exposure. Limited organized opposition and the self-repaying bond structure appear to underpin the current trader consensus favoring passage, though voter turnout patterns among homeowners and any late shifts in polling could still influence the outcome.