Sacramento, CA – Leading business organizations, representing millions of businesses of all sizes across the state, support Proposition 37 to promote affordable housing, lower the cost of living for middle-class families, and keep California’s economy strong, all at no cost to taxpayers.

Prop 37 unlocks affordable homeownership for more middle-class families by making it possible to buy a new home with just 3% down, while spurring critical new home construction in the state – all at no cost to taxpayers.

“Prop 37 seeks to tackle head-on the barriers that continue to block middle-class families from owning a home and building wealth in California: too few homes and too high of costs,” said Roberto C. Arnold, Chairman of the California Multicultural Business Alliance. “By giving hard working Californians in our state the opportunity to buy an affordable new home with a reasonable down payment, Prop 37 will help close the wealth and homeownership gap and give more families of color a fair shot at the California Dream.”

Median home prices in the Golden State have hit record highs – making California’s housing market the most expensive in the nation and creating an unprecedented housing crisis. A lack of affordable new homes for purchase is driving working Californians out of state and discouraging new people and investments from coming in. 

“To ensure Los Angeles and California remain globally competitive, we must significantly increase the housing supply and ensure working people can afford to live, work, and play in our region and state,” said Maria S. Salinas, President and CEO of the Los Angeles Area Chamber of Commerce. “Prop 37 is an effective, commonsense solution that promotes affordable homeownership for middle-class families, which we know is a fundamental part of building and maintaining sustainable and economically robust communities in California.”

According to the state’s non-partisan Legislative Analyst’s Office and the California Department of Finance, Prop 37 poses no costs or risks to California taxpayers because it  is funded by private bond investors and is legally required to be fully repaid by homeowners, 

The measure also includes guardrails to ensure the funds are appropriately invested and effectively serving California communities. Prop 37 requires homebuyers to be California residents, meet income requirements, pay at least 3% down, make monthly payments, and occupy the home as their residence. To guarantee transparency, Prop 37 also requires annual state audits reporting on the status of loans made through the program and the bond fund’s financial health. 

Major business groups across California have endorsed Prop 37. A partial list includes:  

• California Chamber of Commerce

• California African American Chamber of Commerce

• California Association of Relators

• California Multicultural Business Alliance

• Family Business Association of California

• Bay Area Council

• Los Angeles Area Chamber of Commerce

For a full coalition list, visit: Our Supporters – Yes on Prop 37