Two Housing Measures on November Ballot Could Reshape Fresno’s Path to Homeownership

Fresno voters will decide two statewide housing measures in November. Proposition 1 would authorize $11.25 billion in state borrowing for affordable housing and veteran home purchases. Proposition 37 would create a mortgage assistance program of up to $25 billion for buyers of newly constructed homes.

Fresno’s median home listing price climbed from approximately $282,000 in mid-2016 to roughly $475,000 as of August 2026, according to Federal Reserve data sourced from Realtor.com — a 70% increase over the past decade. The share of Fresno County households able to afford a median-priced home fell from 46% in the third quarter of 2021 to 32% by the same period in 2022, per California Association of Realtors data.

Proposition 1 would allocate $10 billion toward buying, building, rehabilitating and preserving affordable homes, with the remaining $1.25 billion directed to veteran home purchases. The measure is backed by Gov. Gavin Newsom, Democratic state lawmakers, the California Apartment Association and the AFL-CIO. Republican state lawmakers oppose it.

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Proposition 37 would provide fixed-rate loans covering up to 17% of a home’s purchase price for buyers earning less than 200% of their area’s median income. Homes must be newly constructed, cost under $1.5 million, and buyers must cover at least 3% of the down payment themselves. The California Association of Realtors, former Senate Majority Leader Bob Hertzberg and building trades unions support the measure.

Fresno Housing broke ground in June on Davu Village, a 62-unit affordable apartment complex on Warren Avenue built on the site of a former emergency shelter. The development includes one manager unit.

The Breakdown

• Prop 1 would be California’s largest affordable housing bond in state history at $11.25 billion
• The nonpartisan Legislative Analyst’s Office estimates repayment would cost the state $500 million to $600 million annually for approximately 25 years
• Prop 37’s 200% income cap is calculated against each county’s median income — since Fresno’s home prices sit well below coastal regions, more local buyers could qualify relative to home costs
• To qualify for Prop 37’s loan program, homes must be newly constructed and cost under $1.5 million; buyers must earn less than 200% of area median income and cover at least 3% down payment

What This Means for You

Your vote will determine whether California authorizes $11.25 billion in state borrowing for affordable housing (Prop 1) and whether the state creates a $25 billion mortgage assistance program (Prop 37). Prop 1 would fund projects like Davu Village directly through state bond dollars; Prop 37 could open homeownership to Fresno renters priced out even in a relatively affordable market, since the income cap is tied to Fresno’s lower median income rather than coastal figures. The repayment cost for Prop 1 alone — $500 million to $600 million per year for 25 years — will come from the state budget you fund through taxes.

What You Can Do

Review the full text of Proposition 1 and Proposition 37 on the California Secretary of State’s website before November’s election. Both measures will appear on your ballot.

What to Watch

Republican state lawmakers argue Prop 1 leans on veterans for political support while serving them minimally, and question taking on more state debt without addressing why construction costs remain so high. The nonpartisan California Budget & Policy Center warns Prop 37’s interest rate hasn’t been set and could exceed today’s roughly 6.5% conventional rate, meaning some buyers could pay more over time than with a standard loan. The center also notes the “newly built” requirement could push construction toward undeveloped land on city outskirts rather than areas with existing infrastructure.

Critics of down payment assistance programs warn they can drive prices up further if housing supply doesn’t grow fast enough to match new buyer demand — a real risk worth watching.