Prop 37 Could Unlock Affordable Homeownership | San Francisco News

California’s Proposition 37 could revolutionize homeownership by offering a state-backed second mortgage with just a 3% down payment—targeting the “missing middle” of working families who can’t afford traditional home loans. Backed by $25 billion in bonds, this plan, championed by former legislator Bob Hertzberg, aims to unlock generational wealth and community investment by letting buyers borrow up to 17% at fixed rates, with eligibility tied to income, residency, and home price caps. It could spur construction, especially in the Central Valley, and reshape housing markets by encouraging smaller, more affordable units—potentially creating 190,000 new homes and making homeownership a reality for thousands. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/44957bc314eea5c6