It’s primary election day. California voters are heading to the polls and dropping off their ballots for what feel like uncertain and unusually consequential races for Los Angeles mayor, California governor and more.
The Golden State real estate world has picked its preferred candidates, and the June 2 vote will tell if they’ve won outright by taking more than 50 percent of vote or made it through as one of the top two finishers bound for a runoff in November’s general election.
The Real Deal is tracking five races that have compelling interests among real estate pros: the battles for L.A. mayor, California governor, L.A. city controller, Rep. Nancy Pelosi’s congressional seat in San Francisco and California insurance commissioner.
Here’s what you need to know before results start rolling in.
California governor: Real estate backers edition
The very-crowded race to replace Gov. Gavin Newsom has lacked a clear frontrunner from the start. It wasn’t until recently that former Secretary of Health and Human Services Xavier Becerra led the polls. In most polling, Becerra is followed by ex-Fox News host Steve Hilton, who has some prominent real estate players behind him, and billionaire Tom Steyer. Then there’s San Jose Mayor Matt Mahan, the California real estate crew’s choice, who is polling in the single digits and probably won’t make it past the primary.
He was a late-entry and never really gained meaningful ground but counts mall magnate Rick Caruso as a billionaire benefactor. Caruso lost a run for L.A. mayor four years ago and chose not to make a bid for political office this year. He has donated more than $1.5 million to Mahan’s campaign directly and through an independent expenditure committee, publicly touted the mayor and even held a fundraiser in L.A. for him, co-hosted by star broker Jason Oppenheim, who donated thousands of dollars to Mahan.
Mahan’s other California real estate backers include: Related’s Bill Witte, Kilroy’s Angela Aman, Hudson Pacific’s Victor Coleman, Douglas Emmett’s Jordan Kaplan, Eastdil’s D. Michael Van Konynenburg, Marcus & Millichap’s George Marcus, the Sobrato Organization’s John Sobrato and more.
Hilton is the only other candidate that has significant California real estate money, with his coming via Dollinger Properties’ Dave Dollinger, Lyon Living’s Frank Suryan Jr., Craig Realty’s Steven Craig and Geoff Palmer, one of Los Angeles’ most prolific apartment developers.
If polling is any indication, it looks as though tomorrow will raise a new question: Who will these industry stalwarts back in the general election if Mahan fails to advance.
Los Angeles mayor: Can downtown be saved?
Mayor Karen Bass, her former further-to-the-left political ally Nithya Raman, an L.A. City Council member, and reality television star Spencer Pratt are in a tight and heated race. Most polls put Bass on top, and it’s too close to call whether she could face Raman or Pratt in a…
Read More: Races Real Estate Should Watch in California Primary
