The president of the California Association of Realtors was over the moon with Governor Hair Gel’s budget proposal, as this press release shows:
As champions for homeownership and housing affordability for all Californians, the CALIFORNIA ASSOCIATION OF REALTORS® and its membership of more than 200,000 real estate professionals are highly encouraged by Gov. Gavin Newsom’s 2021 budget proposal.
The proposal prioritizes investments in two significant areas: fair housing and housing production. The proposed budget includes $2 million for the Department of Fair Employment and Housing, the state’s civil rights agency, to conduct outreach education campaigns, housing surveys and prosecute violations of anti-housing discrimination laws. This investment puts our state one step closer to a more equitable housing market for all Californians.
Any time you hear the words, “fair” and “equitable,” you better clutch your wallet and run. This is word salad for ‘we’re going to bilk the taxpayer to build housing for people who could care less about being housed.’
Prove me wrong.
This was back in January, when Newsom’s public relations arm called the Sacramento Bee, and nationally through POLITICO, were poo-pooing the Recall. Now that 1.6 million verified signatures make a Recall election a foregone conclusion, the California Association of Realtors (CRE) is protecting its interests, and its most favored governor, by pouring mad cash into the California Democrat Party.
As I explained a few days ago, the California Democrat Party is essentially being used as a pass-through. Once they receive it, they pour that money back into the Stop the Republican Recall coffers.
CRE has its own political action committee (CREPAC) for both large and small contributions. CREPAC contributed over half a million dollars to the California Democrat Party so far, and the Small Contributor Committee has contributed $32,400 to Newsom for Governor 2022.
I am sure more is teed up, depending on which way the wind blows with the actual Recall election; but as I said before, this is a whole lot of cheddar to douse over the nachos of an off-election year.
CREPAC has a long history within the California political sphere. While they do give to the California Republican Party and some Republican candidates, much of their money goes to Democrats. Maybe it’s a reflection of the state, but I suspect it is more a reflection of their leadership’s leanings.
The California Lieutenant Governor Eleni Kounalakis is spawned from real estate magnate royalty herself.
If you think CRE is the real power in the state, then I have some swamp land in Florida to sell you. Two families rule California real estate. The first: George and Judith Marcus.
George Marcus is a billionaire, and founder and co-founder of Marcus & Millichap, Summerhill Apartment Communities, Inc., and Essex Property Trust, Inc. His roles have changed over decades, but Marcus still has his hand in all of these pies, and more. Marcus also likes to fund anti-2A measures, which is another reason to despise his influence.
Despite the breakup of the East and West Coast wings of the Pritzker dynasty (Penny and her son JB run Illinois — literally), they still pack juice in the Golden State through one of the heirs: Nicholas Pritzker II. The Pritzker family’s estate was built over generations through diversified business holdings like the Hyatt Hotels and The Marmon Group. Nicholas Pritzker is the founder of Tao Capital Partners, an investment firm based out of San Francisco. Even though his main focus has shifted to clean energy and criminal justice reform, Pritzker still has his thumb on the pulse of real estate in California. Once a mogul, always a mogul.
The Marcuses and the Pritzkers are also part of the eight, elite San Francisco families who have funded Gavin Newsom’s rise; so, they are not about to give up on their prize investment.