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 program providing up to 17 percent down-payment assistance for middle-income buyers of qualified new or converted homes. The measure qualified for the ballot through the initiative process with nearly double the required signatures and faces no organized opposition in the official voter guide. Its structure—repayment solely through borrower mortgage payments with no direct state or local costs—has shaped trader sentiment, alongside persistent housing affordability pressures and the presence of the separate legislative Proposition 1 housing bond on the same ballot. At 56.5 percent for passage, the odds reflect this mix of structural advantages and typical uncertainty around bond measures.