California Voters Set To Decide on $25 Billion Program for Homebuyers—and Billionaires Tax

California voters will soon determine whether or not to undertake several big housing reforms when they go to the polls in two weeks.The California ballot contains three significant propositions that aim to aid homebuyers, if approved by a majority of voters on Nov. 3. These programs—a bond measure, a homebuyer program, and an update for environmental reviews—address different parts of the housing world.Those measures will appear alongside a proposed wealth tax, which is opposed by California Gov. Gavin Newsom and has stirred up controversy in the Golden State.California earned an F grade on the Realtor.com® State-by-State Housing Report Card, which tracks how effectively each state balances affordability and new construction.Proposition 37: A $25 billion homebuyer programProposition 37 creates a $25 billion loan program for middle-income buyers to purchase new homes. The state would issue bonds and use the proceeds to offer fixed-rate mortgages on a new home that's less than $1.5 million. Borrowers must be California residents who pay at least 3% down and meet some income requirements.The California Association of Realtors supports the measure and is its largest benefactor, accord...