SDAR Supports 2026 Ballot Initiative to Expand Middle-Class Homeownership Opportunities
San Diego, CA — May 7, 2026 — The San Diego Association of REALTORS® (SDAR) announced its support for the California Middle-Class Homeownership and Family Home Construction Act of 2026, a statewide ballot initiative aimed at increasing housing supply and expanding access to homeownership for working families across California.
The measure, now in its final stages of qualification for the November 2026 ballot, is designed to address California’s housing affordability crisis by streamlining development, prioritizing ownership housing, and helping qualified buyers overcome one of the biggest barriers to homeownership: the down payment.
Addressing San Diego’s Affordability Challenges
San Diego continues to reflect the broader statewide housing shortage, where high home prices and limited inventory have made it increasingly difficult for middle-income families to achieve homeownership. Today, only a small percentage of working families can afford to purchase a median-priced home, with down payments often exceeding $170,000.
“This initiative represents a practical, results-driven approach to one of the most pressing challenges facing our region,” said Karen Van Ness, 2026 President of the San Diego Association of REALTORS®. “In San Diego, we see firsthand that many families can afford a monthly mortgage—but they’re locked out of the market due to the upfront cost of a down payment. This measure helps bridge that gap and opens the door to homeownership.”
How the Initiative Works
If approved by voters, the initiative would:
Authorize up to $25 billion in revenue bonds to fund the program
Provide eligible buyers with access to a state-backed second mortgage covering up to 17% of a home’s purchase price
Require a minimum 3% buyer contribution, resulting in a combined 20% equity position, eliminating the need for private mortgage insurance
Apply to qualified newly constructed homes or first-sale converted properties
“This is about creating opportunity without placing additional burden on taxpayers,” Van Ness added. “By leveraging revenue bonds—repaid through homeowner mortgage payments rather than public funds—we can expand access to homeownership in a fiscally responsible way.”
No Direct Cost to Taxpayers
Unlike traditional public financing, the program would be funded through revenue bonds rather than general obligation bonds. These bonds are repaid through program revenues, including mortgage payments, rather than taxpayer dollars. According to the nonpartisan Legislative Analyst’s Office, the measure would result in “no direct state or local costs.”
Expanding Supply and Supporting Working Families
In addition to helping buyers, the initiative prioritizes the construction of new homes—an essential component in addressing the long-standing supply shortage that has driven up housing costs across California.
“Homeownership is foundational to building strong communities, creating generational wealth, and stabilizing neighborhoods,” said Van Ness. “SDAR is proud to support solutions that increase housing supply while also making it more attainable for the very people who live and work in our communities.”
A Voter-Driven Decision
As a ballot initiative, the measure will be decided directly by California voters in November 2026.
About the San Diego Association of REALTORS® (SDAR)
The San Diego Association of REALTORS® (SDAR) is the largest professional trade organization in San Diego County, representing approximately 10,500 real estate professionals. SDAR is committed to supporting its members through advocacy, education, and resources while promoting homeownership and protecting private property rights across the region.
Media Contact:
Kelly Christensen
CMRO, San Diego Association of REALTORS®
[email protected]
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