California voters face Proposition 37 on the November 3, 2026 ballot, a citizens’ initiative authorizing up to $25 billion in revenue bonds for a CalHFA-administered second-mortgage program offering fixed-rate loans up to 17% of purchase price on qualifying homes under roughly $1.5 million. Buyers must meet income limits below 200% of area median, occupy the property, and contribute at least 3% down payment, with bonds repaid through borrower payments rather than general state funds. Housing affordability ranks among the top voter concerns, and a May 2026 PPIC survey showed 53% support. Backing comes from real estate groups, construction unions, and sponsor Bob Hertzberg, while some Republican lawmakers have voiced opposition; no major counter-campaign has emerged. These factors underpin the current 59.5% implied probability for passage.