California voters will decide Proposition 37 on November 3, 2026, an initiative statute that would authorize the California Housing Finance Agency to issue up to $25 billion in revenue bonds for second-mortgage loans covering up to 17 percent of the purchase price for eligible middle-income buyers of new or converted homes priced below county-specific limits. The measure qualified for the ballot after collecting nearly double the required signatures and carries no direct state fiscal cost, as bonds would be repaid through borrower mortgage payments. Persistent high home prices and limited supply for middle-income households have kept housing affordability central to state policy debates, while the absence of formal opposition and endorsements from labor groups and Treasurer Fiona Ma provide momentum. A separate legislative housing bond measure on the same ballot adds context but targets different income tiers and veterans. Trader consensus near 55 percent reflects these supply-focused arguments balanced against typical voter caution on large bond authorizations.