In an era of expanding global educational privatization and shifting policies on how to fund educational facilities in many states in the US, this study engages the lenses of critical policy analysis and fiscal sociology to examine educational privatization in the school facilities industry in California. Employing critical policy document analysis to examine approximately 40 primary and secondary source documents including propositions, bills, government and education codes, facilities reports, and state public debt data, this paper addresses the following research question: How have education finance policies shaped the system of school district facilities financing over time, specifically with regard to the field of private actors involved in the school facilities industry? This paper examines the historical policy context for privatization in school district facilities financing, evaluating how policies have evolved, been implemented, and affected stakeholders over time in the broader neoliberal context. Findings indicate that policies promoting privatization in education finance impact school districts' abilities to provide equitable facilities to their students. Also, the complex and intermittent process of financing school facilities has facilitated the rise of specialized private actors in the school facilities industry that has now organized to engage in private-sector policy setting.