California’s real estate establishment lost its favorite candidate for governor in June. On Tuesday, it won with its backup.
Democrat Xavier Becerra defeated Republican Steve Hilton to become California’s next governor, according to the Associated Press, which called the race not long after polls closed. He won with the support of SoCal real estate royalty: Don Bren, the country’s richest developer and owner of Irvine Company, and billionaire mall mogul Rick Caruso, among others. Bren did not back Matt Mahan, the industry’s initial favorite — but Caruso and others did.
Becerra became the Golden State real estate circle’s choice after Mahan failed to make it past the June primary. The industry then closed ranks behind Becerra, Joe Biden’s health secretary, who promised during the candidates’ lone debate that he would increase the rate of development and cut red tape. He also said he would keep “Wall Street investors” from outbidding people for homes.
Becerra’s roster of donors — whether it be
Becerra’s roster of donors — whether it be through personal or corporate donations — include Angela Aman of Kilroy Realty, Jordan Kaplan of Douglas Emmett, George Marcus of Marcus & Millichap, Jamison CEO-turned-Kennedy-Wilson-executive Jaime Lee, the Silicon Valley development dynasty behind the Sobrato Organization and Jeff Worthe of Worthe Real Estate Group. Plus, the Resnicks, a billionaire couple who happen to be some of the largest land owners in the state, donated to his campaign.
And, Victor Coleman’s Hudson Pacific Properties cut Becerra a last-minute check. Coleman was a Mahan backer, like Caruso, Kaplan, Aman, the Sobrato family and more.
USA Properties Fund and Nathan Rundel, CEO of Build Group, donated to Becerra, too.
Hilton — who pushed against dense development in suburbs and called for a plan to create 10 new cities during the debt — garnered his industry supporters. That included William Lyon, son of the late Orange County real estate magnate Gen. William Lyon, and Frank Suryan Jr. of Lyon Living (and former partner of the elder Lyon). Hilton, the ex-Fox news host, also secured donations from timeshare exec Stephen Cloobeck and billionaire apartment developer Geoff Palmer, who was among his early donors.
