Prop 37 Homebuyer Loan Program, California 2026: Who's Paying and Why

On the November 3 Ballot

Prop 37: Homebuyer Loan Program

$25 billion in loans, for newly built homes only

Who paid to put it on the ballot Realtors, with carpenters' unions, through a petition drive.

History No related bill found. The state already runs smaller down payment programs, such as CalHFA's Dream for All. This would add a separate, larger one.⁹

A YES vote means: The state would create a home loan program, funded by up to $25 billion in bonds that are repaid by the homeowners' loan payments.¹⁰
A NO vote means: No new home loan program would be created.¹⁰

Yes side $27.9M No side $0 Who gains, who pays

Who it helps if it passes

Buyers earning up to twice the local median income who buy a newly built home under about $1.5 million, with 3% down
Homebuilders and real estate agents, through more new-home sales

Who pays or loses if it passes

The official analysis finds no direct cost to taxpayers.
Buyers of existing homes get no help. In 2025, roughly 36,500 new homes sold in California, compared with about 271,600 existing single-family homes. The state has about 7.6 million owner-occupied homes.

What the funders get Realtors put up more than two-thirds of the money. They earn commissions on home sales, and the program would let more people buy new homes. Carpenters' unions, who build them, also gave. The program only works where new homes are being built.^1,6,7,8

Cost to taxpayers The official state analysis finds no direct state or local cost.¹⁰

Authorizes $25 billion in bonds for the state Housing Finance Agency to fund loans covering up to 17% of the price of a newly built home, for buyers earning up to twice the area median income.¹⁰

The loans would cover up to 17% of the price of a newly built home under about $1.5 million. Buyers must live in the home and meet income limits.¹⁰

YES side special interest: High

✓ One funder dominates: California and National Associations of Realtors paid 72% of the YES money¹
✓ Funders profit: Realtors earn commissions on home sales (our judgment)
✓ Narrow benefit: Only buyers of new homes, about 36,500 sales a year, plus builders and realtors (our judgment)
✗ Outside money: 15% of the YES money came from outside California¹

NO side special interest: None

✗ One funder dominates: No major funders¹
✗ Funders profit: No major funders¹
✗ Narrow benefit: No major funders¹
✗ Outside money: No major funders¹

Endorsed by

California Association of Realtors
California Conference of Carpenters
Xavier Becerra
California Democratic Party

Opposed by

Funding the YES campaign

$27.9M¹

California and National Associations of Realtors

$20.0M

Real estate agents' trade groups
Building a Better California

$6M

PAC whose top donors are Sergey Brin and John Doerr
Carpenters' unions

$1.9M

National, Western States and North Coast councils

Funding the NO campaign

No committee has raised $1M or more. That is the state's threshold for reporting top donors.

Sources for this measure: ^{1,6,7,8,9,10,11}