Key Takeaways: Voters approved the biggest housing measures on the November 3, 2026 midterm ballot, according to results reported Wednesday morning. Florida Amendment 3 passed with 62% and will raise the homestead exemption from about $50,000 to $150,000 in 2027 and $250,000 in 2028. California passed Proposition 1, an $11.25 billion housing bond, with 59.4% support, and Proposition 37, authorizing up to $25 billion for second mortgages on new homes, with 61%. Rhode Island also passed a $120 million housing bond.
Most investors spent this fall watching mortgage rates. Ballot results can change the math of owning a home just as fast, by cutting a Florida tax bill, funding California down payment help, or paying for the infrastructure a new Hawaii subdivision needs before a house can be built.
Florida Amendment 3 Cuts the Carrying Cost of a Primary Home
Florida Amendment 3 received 62% of the vote, above the 60% it needed to pass. The full results roundup shows it raising the homestead exemption on non-school property taxes from about $50,000 to $150,000 in 2027 and $250,000 in 2028, with inflation adjustments after that.
The same amendment lowers the cap on annual assessment increases for non-homestead properties from 10% to 5%. Many summaries miss that second piece, and it matters to investors, because rentals are non-homestead properties in Florida.
| Measure | What it does | Result | Yes vote |
|---|---|---|---|
| Florida Amendment 3 | Homestead exemption to $150,000 in 2027, $250,000 in 2028; non-homestead cap to 5% | Passed | 62% |
| California Proposition 1 | $11.25 billion housing bond, incl. $1.25 billion for veterans | Passed | 59.4% |
| California Proposition 37 | Up to $25 billion for second mortgages on new homes | Passed | 61% |
| Rhode Island Question 2 | $120 million housing bond | Passed | 61.1% |
| Hawaii Question 2 | Lets counties issue infrastructure bonds for housing | Passed | 64.5% |
| California Proposition 45 | Would shorten environmental review for essential projects | Trailing, not called | 45.9% |
Joel Berner, senior economist at Realtor.com, said: “Relief from property taxes, supporters hope, could be enough to nudge some reluctant buyers off the fence and into a new home.”
Tax relief lands on top of an already heavy ownership bill. Hidden costs of owning a home now run $16,566 a year nationally, so a bigger exemption is real money in a Florida household budget, not a symbolic win. The trade-off is on the other side of the ledger: local governments that lose property tax revenue still have to pay for services.
California Approved Two Very Different Kinds of Housing Money
Proposition 1 passed with 59.4% support. The $11.25 billion bond includes $1.25 billion for veteran housing, with the rest for home and rental assistance. It aims to provide up to 40,000 multifamily rental units and assist another 40,000 households in buying a home.
Proposition 37 passed with 61% support and works in a completely different way. It authorizes up to $25 billion in revenue bonds for second mortgages covering up to 17% of a new home’s price, attacking the down payment problem rather than funding construction directly.
- Proposition 1 is supply and assistance money: bond funds for rental housing, homebuying help, and veteran housing.
- Proposition 37 is buyer financing: a second mortgage covering up to 17% of a newly built home’s price.
- Proposition 45 is still open: it trailed at 45.9% yes and was not called Wednesday morning. It would limit environmental reviews to 365 business days and related lawsuits to 270 days for essential projects, including housing.
Rhode Island Question 2, a $120 million housing bond, passed with 61.1% support. Hawaii Question 2 passed with 64.5% in the count reported Wednesday, letting counties issue infrastructure bonds for housing repaid from growth in property tax revenue inside designated districts.
North Carolina passed, with about 60% support, an amendment requiring the legislature to limit local property tax levy increases. Massachusetts Question 7, which would allow single-family homes on smaller lots, was too close to call Wednesday morning.
None of this changes rates by itself. Mortgage applications fell 1.2% in the week ending October 30 even as the 30-year rate eased to 7.30%, so this relief arrives in a market where buyers are still scarce.
What Beginner Investors Should Do With These Results
- Re-run Florida carrying costs for 2027 and 2028, not just today. An exemption rising to $150,000 and then $250,000 changes the tax bill on a primary home. If you plan to live in a Florida property before renting it, model both years before you set a price.
- Separate the homestead win from the investor win in Florida. The exemption helps owner-occupants. The 5% cap on non-homestead assessment increases is the piece that slows taxable value growth on rentals, so check which benefit applies to your property.
- Watch the Proposition 37 rollout if you buy new construction in California. A second mortgage covering up to 17% of a new home’s price could bring more buyers to builders. It does nothing for an existing rental, so do not price an older property as if the program applies to it.
- Treat uncalled races as uncalled. Proposition 45 and Massachusetts Question 7 were undecided Wednesday morning. Do not underwrite faster California approvals or smaller-lot Massachusetts building until the final calls land.
- Add your own state and city results to your deal file. Local housing bonds and tax measures also passed across the country, and inventory and prices are already moving at different speeds by market. The measure on your property’s ballot is the one that hits your taxes, permits, or buyers.
The bottom line: the midterms did not lower a single mortgage rate, but Florida voters lowered a future tax bill, California voters approved two large pools of housing money, and Rhode Island, Hawaii, and North Carolina each moved a housing lever of their own.
Data: Housing ballot results as reported November 4, 2026, based on Associated Press calls and state results reported Wednesday morning; vote shares are as of that reporting and counts may change.
