{"id":8192,"date":"2026-05-20T17:32:19","date_gmt":"2026-05-20T17:32:19","guid":{"rendered":"https:\/\/siliconvalleymovingpost.com\/?p=8192"},"modified":"2026-05-20T17:32:19","modified_gmt":"2026-05-20T17:32:19","slug":"2026-california-treasurer-candidates-share-ideas-for-financing-affordable-housing","status":"publish","type":"post","link":"https:\/\/siliconvalleymovingpost.com\/?p=8192","title":{"rendered":"2026 California treasurer candidates share ideas for financing affordable housing"},"content":{"rendered":"<div>\n<p>Half a dozen people are vying to replace termed-out state Treasurer Fiona Ma in the June 2 primary election.<\/p>\n<p>Read more <a href=\"https:\/\/siliconvalleymovingpost.com\/?p=8190\">Netanyahu\u2019s coalition alliances with religious parties put his reelection at risk<\/a><\/p>\n<p>They include state Sen. Anna Caballero, retired businesswoman Jennifer Hawks, Lt. Gov. Eleni Kounalakis, Realtor David Serpa, activist Glenn Turner and state Board of Equalization member Tony Vazquez.<\/p>\n<p>Caballero, Kounalakis and Vazquez are Democrats while Hawks and Serpa are Republicans. Turner is a member of the Green Party.<\/p>\n<p>The treasurer of California is essentially the state banker, whose responsibilities include managing investments, administering the sale of bonds and notes and cutting checks when money is spent by the state controller or state agencies.<\/p>\n<p>The treasurer also serves on several commissions, including the boards of two state pension funds, has a say in the financing of various public works projects and plays a critical role in affordable housing-related financing efforts.<\/p>\n<p>To help you get to know the candidates better, we asked the candidates to answer a series of questions on topics ranging from the financing of affordable housing and whether the state should divest from Israel to greater fiscal oversight and managing the state\u2019s debt.<\/p>\n<p>Four candidates \u2014 Hawks, Kounalakis, Serpa and Vazquez \u2014 filled out our questionnaire, and we\u2019ll dive into their responses regarding affordable housing below.<\/p>\n<div>\n<\/div>\n<p>But we\u2019ll start with their backgrounds \u2014 and why each candidate believes they should be California\u2019s next treasurer.<\/p>\n<p>Hawks, a Bay Area resident, said that as a retired businesswoman and as someone who raised a child as a single mom, she knows \u201cwhat it means to balance a budget for both a company and a household\u201d and how to manage complex budgets.<\/p>\n<p>Career politicians \u201ctreat our state\u2019s funds like a blank check,\u201d Hawks said, vowing instead to \u201cbring the discipline, transparency and tough love that I learned from years as a business owner to Sacramento.\u201d<\/p>\n<p>For Hawks, one of the most important jobs of the treasurer is to decrease California\u2019s debt burden in order to improve its credit rating, which in turn would lower interest rates when the state seeks financing.<\/p>\n<div>\n<\/div>\n<p>Kounalakis, meanwhile, spent more than two decades running her family\u2019s housing development business before becoming the first woman to be elected lieutenant governor in California.<\/p>\n<p>Now completing her second term as the state\u2019s second-in-command, Kounalakis, who calls San Francisco home, said that for the past several years, she\u2019s overseen major state assets, supported housing and infrastructure projects, and made sure public resources are managed responsibly and transparently.<\/p>\n<p>Her priorities as treasurer would include expanding affordable housing and infrastructure, as well as protecting state retirement funds. Another priority would be to expand access to wealth-building programs such as CalSavers, CalKIDS, ScholarShare 529 and CalABLE so that families can save for future educational expenses, retirement and long-term financial security, she said.<\/p>\n<p>Serpa believes the most important job of the treasurer is to get the state back to having a surplus budget. The former Marine Corps member-turned Realtor also stressed fiscal responsibility.<\/p>\n<p>\u201cWe are the most overtaxed, overburdened, overregulated people in the country. Yet, we increase taxes, tolls, tickets, fees and registration and call it \u2018revenue,\u2019\u201d Serpa said, suggesting that \u201crevenue\u201d has turned into \u201canother word for \u2018extortion.\u2019\u201d<\/p>\n<p>\u201cWhat qualifies me to manage the people\u2019s treasure and the people\u2019s trust?\u201d asked the Riverside County resident. \u201cI have been poor, rich and everything in between. I made $1 million and lost it. \u2026 A business mentor of mine taught me: freedom is financial freedom. I understand economic systems.\u201d<\/p>\n<p>Having served as a Santa Monica City Council member and mayor, Vazquez said\u00a0he has experience in bringing together different interest groups. Now, as a member of the state Board of Equalization, Vazquez said he\u2019s worked to ensure everyone pays their fair share of property taxes.<\/p>\n<p>For Vazquez, the treasurer\u2019s role is not only to oversee all state investments directly and to make sure they\u2019re providing the highest yields, but also to \u201cbalance the needs of the state (housing, education, employment) with investments that may not yield the highest returns but can be supported by the general fund.\u201d<\/p>\n<p>Read more <a href=\"https:\/\/siliconvalleymovingpost.com\/?p=8188\">Rare 111-acre Bradbury Estates ranch seeks $10.5M ahead of auction<\/a><\/p>\n<p>\u201cWhile the general fund may be impacted, the overall wealth of the state through issues such as housing, education and employment will be enhanced,\u201d he said.<\/p>\n<p>Caballero, a state senator who previously served as mayor of Salinas, listed a number of priorities on her campaign website, including building more affordable housing and tackling homelessness, supporting healthcare access, expanding retirement security for public employees, championing school infrastructure projects, investing in anti-violence programs, supporting veterans and advancing gender equity.<\/p>\n<p>Turner described herself on her website as a lifelong activist and former small business owner from the Bay Area whose background is in grassroots organizing. She said her campaign is about \u201caligning our money with our morals\u201d and pledged to ensure that state dollars are invested \u201cethically, sustainably, and responsibly\u201d and not used to benefit war profiteers, fossil fuel companies or billionaires \u201ccomplicit in human rights abuses.\u201d<\/p>\n<h4>Affordable housing<\/h4>\n<p>When it comes to affordable housing, Vazquez proposed establishing a statewide commission tasked with coming up with strategies to boost financing opportunities for such projects.<\/p>\n<p>He also suggested turning to the state\u2019s major pension funds as a funding source.<\/p>\n<p>\u201cI have had major meetings with developers and the California Indian Tribal Councils, who are very interested in leveraging their housing dollars with California pension funds to build more affordable housing,\u201d Vazquez said.<\/p>\n<p>Serpa criticized bureaucratic rules, regulations and fees and said the government needs to step aside to allow the \u201clargest housing boom in American history\u201d to take place.<\/p>\n<p>He suggested the treasurer\u2019s office work with the federal government to open up 300,000 acres of public land that the state manages to build five new charter cities or to sell individual lots directly to Californians.<\/p>\n<p>\u201cThis would allow individuals to build again,\u201d Serpa said. \u201cIndividuals, small to midsize builders and boutique and specialty builders would once again be able to thrive, bringing competition back into the market through deregulation at the state level.\u201d<\/p>\n<p>Both Kounalakis and Hawks, meanwhile, mentioned improving California\u2019s bond rating in order to reduce interest rates when it comes to lowering state borrowing costs.<\/p>\n<p>Kounalakis said she\u2019d work to keep reserve funds strong and debt-service ratios stable while demonstrating disciplined long-term financial planning.<\/p>\n<p>\u201cBy strengthening California\u2019s credit profile, we can reduce borrowing costs across all housing projects and deliver more units with the same public investment,\u201d Kounalakis said.<\/p>\n<p>Kounalakis also said she\u2019d push for expanding the Low-Income Housing Tax Credit program, better aligning it with tax-exempt bonds. In addition, she\u2019d prioritize projects close to jobs and transit that are considered lower risk, thus making financing more efficient while quickening housing production.<\/p>\n<p>Hawks also spoke of improving the state\u2019s bond rating as a strategy.<\/p>\n<p>For every $1 billion the state borrows, a half-percentage-point decrease in interest rate would save taxpayers $5 million annually, she said.<\/p>\n<p>Hawks said she\u2019d mandate an annual debt affordability study to compare California\u2019s debt load to peer states while setting a strict borrowing limit, enforce a debt-service ratio ceiling and conduct an annual fiscal stress test to model how California\u2019s debt would perform in case there\u2019s a recession.<\/p>\n<p>\u201cWith transparency and solid budgeting plans, I am confident we can improve the state\u2019s credit rating and get lower interest rates, in turn lowering borrowing costs for public projects,\u201d Hawks said.<\/p>\n<p>To learn more about the candidates and their responses to our other questions, check out our online voter guide.<\/p>\n<p>Election Day is June 2. The top two vote-getters in this race will advance to the November general election.<\/p>\n<p>Read more <a href=\"https:\/\/siliconvalleymovingpost.com\/?p=8186\">Kansas City small businesses whipping up World Cup flavors and merch for fans this summer<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Six people are running to replace termed-out Treasurer Fiona Ma in the June 2 primary election.<\/p>\n","protected":false},"author":1,"featured_media":8191,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36,2],"tags":[],"class_list":["post-8192","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-based-on-facts-either-observed-and-verified-directly-by-the-reporter-or-reported-and-verified-from-knowledgeable-sources","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>2026 California treasurer candidates share ideas for financing affordable housing - 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