10/13/2026
Prop 37 would create a state homebuying assistance program for middle-income Californians purchasing newly built homes, funded by up to $25 billion in revenue bonds.
Eligible buyers could receive a second mortgage covering up to 17 percent of the home's purchase price, with the bonds repaid through homeowners' loan payments rather than the state's General Fund.
Supporters say it would make homeownership more affordable and encourage new construction, while opponents raise concerns that subsidizing demand could increase home prices and question the risks of such a large state-run lending program.
Analysis by California Decides helps you understand the debate:
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