Sacramento, CA –Newspapers across California have weighed in and agree – Proposition 37 is a commonsense solution to alleviate the high cost of down payments that serve as a burden for middle class Californians saving to buy a home. 

The measure will lower the cost of buying a home, making homeownership more affordable for Californians, with zero cost and zero risk to taxpayers.

“Prop. 37 isn’t introducing financial risk into an otherwise risk-free home-buying system. Middle-class buyers already confront expensive trade-offs to get through the door. That is what ultimately persuaded us,” said the McClatchy News editorial team, representing The Sacramento Bee, Modesto Bee, Merced Sun-Star, Fresno Bee and San Luis Obispo Tribune,

“Prop. 37 could help move homeownership from a distant aspiration to a realistic possibility,” the team went on to opine. 

Prop 37 creates a pathway for middle-class Californians who can afford the monthly payments on an $800,000 home but don’t have the full $160,000 (20%) down payment. Instead, it allows them to purchase a home with a more attainable $24,000 (3%) down payment.

The San Francisco Chronicle, which also endorsed Prop 37, praised the measure, saying, “Prop 37 takes a different tack than traditional efforts…. To start, it wouldn’t cost taxpayers a dime.”

“Only new homes explicitly constructed under the rules of the measure are eligible for Prop 37 loans. This incentivizes development instead of simply allowing more buyers to compete for a limited supply of existing homes,” the paper said. 

In fact, Prop 37 is expected to spur construction of roughly 190,000 new homes, generating significant economic benefits throughout the state.

And on the Central Coast, the Salinas Valley Now said that, “In a problem as complex as California’s housing crisis, there is no silver-bullet solution… But (Prop 37) would offer a way into the housing market for qualifying buyers who otherwise may not see a pathway.” 

Prop 37 is supported by a broad and diverse coalition including veterans, labor organizations, teachers, housing advocates, businesses and civil justice groups.