Real Estate Executives Shift Financial Support to Xavier Becerra in California Governor Race
Prominent figures within the Southern California real estate industry are continuing to redirect their political financial backing toward Xavier Becerra in the high-stakes race for California governor. Campaign finance records show that Douglas Emmett Chair and Chief Executive Officer Jordan Kaplan made a donation of $39,200, the one-time legal maximum, to Becerra’s gubernatorial campaign. The Santa Monica-based real estate investment trust declined an immediate request for comment.
Kaplan’s contribution follows an earlier pattern of support for San Jose Mayor Matt Mahan, a candidate who previously enjoyed substantial backing from real estate circles in Los Angeles and Silicon Valley. Kaplan had earlier contributed $78,400 to Mahan’s primary bid. Mahan ultimately failed to advance past the June primary election despite drawing heavy financial support, including more than $1 million from billionaire mall magnate Rick Caruso.
Following Mahan’s exit from the race, Caruso and several other prominent industry executives shifted their financial support to Becerra, a former cabinet member in the administration of President Joe Biden. This cohort includes Kilroy Chief Executive Officer Angela Aman and George Marcus, the founder and chair of Marcus & Millichap. In a separate political expenditure, Marcus contributed $2 million to defeat a proposed billionaire tax measure on the November ballot, an initiative that Becerra has stated he does not support.
Other notable Southern California real estate figures have also directed personal or corporate contributions to Becerra without having previously backed Mahan. This group includes Irvine Company owner Don Bren, Jeff Worthe, president of the Worthe Real Estate Group, and Jaime Lee, a Kennedy Wilson executive and former chief executive officer of Jamison.
As the campaign enters its final stretch leading up to Election Day, Becerra is competing against Steve Hilton, a former television host running as the Republican nominee in the heavily Democratic state. Hilton has likewise secured backing from select real estate industry figures, including William Lyon—an industry executive and son of the late Orange County real estate magnate General William Lyon. Additional financial support for Hilton has come from Frank Suryan Jr., the chairman and chief executive officer of Lyon Living and a former partner of the elder Lyon, as well as billionaire apartment developer Geoff Palmer, who backed the Republican candidate early in the cycle.
Overall fundraising totals reflect a competitive contest between the two remaining candidates. Campaign finance records indicate that Becerra has raised approximately $40 million through his primary campaign committee, outpacing Hilton, who has brought in roughly $34 million.
