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The 2016 Massachusetts ballot included a referendum proposing to eliminate the state’s current “cap” on the number of charter schools permitted and how much district spending can be allocated to charters. Question 2 was the first ballot referendum in the country about charter school expansion. Despite outspending their opponents by millions of dollars, the pro-expansion side lost. Using original data from my qualitative study of this historic campaign, I consider how and to what extent race and class aligned (or failed to) across both side’s funding sources and issue framing. I forward the concept of racial resources to understand the political dynamics of charter school battles in which each side interprets its stance as racially progressive.