For many Californians, the biggest barrier to buying a home is the down payment. This measure is designed for the “missing middle” — working families who earn too much for most other down-payment assistance programs but still cannot save enough to buy a home. Proposition 37 reduces the required down payment to just 3%.
Proposition 37 provides taxpayer-funded subsidies to developers without reforming costly mandates that make housing expensive. Worse, Proposition 37 makes the state of California one of the biggest mortgage lenders in America overnight — and taxpayers are left holding the bag.