California Governor Race: Real Estate Backers Pivot to Becerra

With the November election fast approaching, the contest for California governor is drawing attention to the shifting allegiances of the state’s powerful real estate community.

Donors Abandon Mahan for Becerra

Several prominent Southern California real estate figures who previously supported Matt Mahan have now switched their contributions to Xavier Becerra, the former U.S. Health and Human Services Secretary. The move underscores a realignment within the industry as the primary season concludes.

Kaplan’s $39,200 Gift and the Real Estate Network

Douglas Emmett Chair and CEO Jordan Kaplan last week donated the one‑time maximum of $39,200 to Becerra’s campaign, according to campaign finance records. Kaplan had earlier given $78,400 to Mahan’s gubernatorial bid before the San Jose mayor failed to advance past the June primary.

Becerra’s $40 Million Haul Outpaces Hilton

Through his main fundraising vehicle, Becerra has raised roughly $40 million, outpacing Republican candidate Steve Hilton’s approximately $34 million. The financial edge has allowed Becerra’s campaign to expand its advertising and field operations across the state.

Hilton’s Republican Backers

Steve Hilton, a former Fox News host, has attracted his own set of industry supporters. William Lyon, son of the late Orange County real estate magnate Gen. William Lyon, and Frank Suryan Jr., chairman of Lyon Living, have each contributed to Hilton’s campaign. Billionaire apartment developer Geoff Palmer was also an early donor.

Billionaire Tax Measure Looms

Alongside the gubernatorial race, California voters will decide on a proposed billionaire tax. The measure, which would impose a surcharge on incomes above $1 million, has become a flashpoint. Becerra has stated he does not support the tax, while Hilton has opposed it, and real estate magnate George Marcus spent $2 million to defeat the proposal.

Final Weeks Before Election

As early voting begins, both campaigns are intensifying their outreach. Becerra’s team emphasizes his experience in the Biden administration and his record on health policy, while Hilton highlights his media background and critiques of state governance. The outcome may hinge on voter turnout and the influence of the real estate sector’s shifting contributions.

The race is being watched as a potential indicator of the state’s political direction ahead of the 2026 midterm elections.

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