C.A.R. Board of Directors Takes Position on Five Measures
The California Association of REALTORS® has taken position on 5 measures for the upcoming November 2026 statewide Ballot. C.A.R. has released a guide to help members navigate the upcoming midterms.
C.A.R. HAS TAKEN A POSITION ON THE FOLLOWING MEASURES:
Proposition 4: SB 42 (Umberg), Political Reform Act of 1974: Public Campaign Financing: California Fair Elections Act of 2026
C.A.R. Position: NEUTRAL
This measure would permit, but not require, public funding of political campaigns in California. Currently state law prohibits it. If this measure passes, candidates who chose to take public money would have to accept spending limits, and the money could not be used for legal fees, fines, or paying back personal loans to a campaign.
Proposition 5: SCA 1 (Newman), Elections: Recall of State Officers]
C.A.R. Position: NOT REAL ESTATE RELATED
This measure would remove the replacement candidates from the recall ballot. Voters would decide only whether to remove the officeholder. Replacement candidates would be decided in a subsequent ballot or by appointment. If a Governor were recalled, the Lieutenant Governor would take over rather than whoever finished first in a crowded replacement field.
Proposition 37: Creates Loan Program for Middle-Income Buyers of Qualified New Homes. Initiative Statute
C.A.R. Position: FOR [SUPPORT]
This ballot proposition would create a $25 billion loan program to help middle-income Californians buy a newly built home. Qualified buyers could borrow up to 17 percent of the purchase price at a fixed rate. Buyers must live in the home, have lived in California for at least a year, earn under 200 percent of area median income, and put down at least 3 percent. The bonds are repaid by the participating homeowners, not by taxpayers.
Proposition 40: Imposes One-Time Tax on Certain Individuals and Trusts. Initiative Constitutional Amendment and Statute
C.A.R. Position: AGAINST [OPPOSE]
The so-called “billionaire tax” would impose a one-time tax of up to 5 percent on Californians and trusts holding more than $1 billion in assets such as businesses, stocks, art, and intellectual property. Real property is excluded. Most of the revenue would go to health care. The Legislative Analyst projects an ongoing loss of hundreds of millions of dollars a year in state income tax revenue.
Proposition 45: Modifies Environmental Review for Certain Projects. Initiative Statute
C.A.R. Position: FOR [SUPPORT]
This measure would implement reform to the California Environmental Quality Act (CEQA) by speeding up environmental review under CEQA for most housing, transportation, water, health, and clean energy projects. It puts agencies on deadlines, trims the requirement to study endless project alternatives, and limits how long opponents have to sue and what a court can order.
