Sacramento, CA – YIMBY Action has endorsed Proposition 37, the statewide ballot measure that authorizes the sale of privately financed revenue bonds to provide low-interest, downpayment assistance loans to eligible middle-class Californians.
For many Californians, the biggest barrier to buying a home isn’t the monthly payment. It’s the down payment. This measure is designed for the “missing middle” — working families who earn too much for downpayment assistance programs but still cannot save enough to buy a home.
Proposition 37 provides fixed-rate financing for up to 17% of a new home’s purchase price, reducing the required down payment to just 3%.
“California needs more homes—plain and simple. When there aren’t enough homes, prices go up, more people become homeless, and people are forced to move away from their communities,” said Leora Tanjuatco Ross, California Director, YIMBY Action. “Prop 37 tackles both sides of California’s housing crisis—helping middle-class families achieve homeownership while creating demand to build more homes.”We’re proud to support the measure and encourage voters to say YES this fall to Prop 37.”
YIMBY Action’s endorsement includes the support of their 21 local chapters, including:
- East Bay YIMBY
- Grow The Richmond
- Mountain View YIMBY
- Napa-Solano for Everyone
- Northern Neighbors
- Peninsula for Everyone
- San Francisco YIMBY
- Santa Cruz YIMBY
- Santa Rosa YIMBY
- SLOCO YIMBY
- South Bay YIMBY
- Ventura County YIMBY
- Yolo YIMBY
- YIMBY Monterey Peninsula
- YIMBY Oceanside
- YIMBY Los Angeles
- San Jose YIMBY
- San Mateo Forward
- Yes In Redwood City
- Marin YIMBY
- Campbell YIMBY