Eleni KounalakisEleni Kounalakis

We recommend voting for Eleni Kounalakis for State Treasurer.

The Treasurer chairs CDLAC (https://www.treasurer.ca.gov/newsletter/2019/apr/abcs-of-the-bcas.html) (which decides how billions in tax-exempt bonds get spent) and CTCAC (which hands out the federal tax credits that make affordable housing possible). If those agencies move slowly, housing doesn't get built. Kounalakis is the only candidate in this race who has actually built housing, financed infrastructure, and managed large-scale investments in the private sector.

Kounalakis named three measurable outcomes voters should use to judge her after two years: more housing units financed through state programs with faster time to delivery, pension returns that meet or exceed benchmarks with improved transparency, and significant growth in CalSavers, CalKIDS, ScholarShare 529, and CalABLE enrollment — especially among working families and underserved communities. That kind of accountability is rare in a statewide race.

"I will focus on lowering financing costs, unlocking capital, and partnering with local governments to move projects from approval to construction faster — because affordability depends on supply."
Eleni Kounalakis, Lieutenant Governor of California

On fiscal discipline, she's specific: hold the state's debt-service-to-General Fund ratio at or below 6%, publish a public "California Balance Sheet" dashboard tracking bond debt, pension assets, and investment performance in plain language, and push for stable pension returns with downward pressure on fees. California's heavy reliance on capital-gains tax revenue creates boom-and-bust budget cycles — Kounalakis would align cash management with economic cycles, maintaining liquidity during downturns rather than borrowing at the worst time.

Before entering public life, Kounalakis spent nearly two decades as a housing developer at AKT Development (https://en.wikipedia.org/wiki/Eleni_Kounalakis), building master-planned communities in the Sacramento region where thousands of California families now live. She has firsthand experience with the bond financing, tax credit programs, and capital market tools that the Treasurer's office controls. As Lieutenant Governor, she sits on the governing boards of the UC, CSU, and Community College systems — including voting to approve construction of over 60,000 new student housing beds (https://eleniforca.com/about/) statewide.

Anna Caballero has a strong housing record — she wrote SB 6, the Middle Class Housing Act (https://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=202120220SB6), which lets developers build housing on commercial land across California, and she ran the state's Business, Consumer Services and Housing Agency for five years under Governor Brown. That experience is real, and California YIMBY (https://cayimby.org/endorsements/) has endorsed her. But the Treasurer's job is less about writing housing laws and more about managing the state's money — bonds, investments, pensions, and cash. Kounalakis brings the private-sector financial experience this job demands. That's why she has our endorsement.

Source (https://growsf.org/voter-guide/san-francisco-voter-guide-june-2026-election/#treasurer)

I think Caballero would be great too. I’m just personally kind of exhausted and we know Kounalakis knows how to work at the federal level and given how many risks I’m already taking that’s good enough for me on this race

I’m a businesswoman, financial expert and daughter of Greek immigrants. I believe in the California dream and as Lieutenant Governor have worked hard supporting small business, education and opportunities for hard working families. I’m running for State Treasurer to be a disciplined, responsible manager of California’s finances, focused on protecting working families, strengthening our economy, and making smart investments that refect our values. I’m running for State Treasurer to: Build affordable housing using public finance. Fight Trump’s attacks on our health care and immigrants. Protect the pensions of hard-working Californians. Invest in the financial future of children and families. I have the support of Governor Gavin Newsom, Senator Alex Padilla, Senator Adam Schif and Speaker Emerita Nancy Pelosi. I also have the support and endorsement of over 450,000 California teachers. California’s frefghters, first responders and health care workers also support my candidacy and I hope to have yours as well. As a businesswoman, I spent decades building housing communities, using infrastructure fnancing, and delivering results. As California’s 50th Lieutenant Governor and a former Obama diplomat, I’ve brought real-world financial expertise to some of the state’s toughest challenges. I’ve created clean-energy jobs, managed public lands, and voted to approve more than 60,000 new beds on college campuses to help lower costs for students and families. I’m a ferce fighter for democracy. I’m on the front lines against Donald Trump’s attacks on immigrant communities and women’s reproductive freedom—all while protecting our environment and California’s core values. EleniForCA.com

Serving two terms as lieutenant governor, Kounalakis brings experience from state boards including the UC Board of Regents and California State University Board of Trustees, where she consistently opposed tuition increases. She entered politics through Democratic fundraising, leveraging her family's Sacramento real estate background. She received an ambassadorship to Hungary under President Obama. She initially campaigned for governor before withdrawing late last year.

Key endorsements: California Labor Federation, Teamsters California, National Union of Healthcare Workers.

UAW endorsed candidate

Her candidacy reflects a powerful and consistent alignment with our priorities around economic security, gender equity, and expanding access to opportunity for women, particularly through her focus on affordable housing, access to capital for women-owned businesses, and investments in care infrastructure. She brings significant experience in public service and leadership (both state and international), and has demonstrated a commitment to advancing women’s representation and integrating equity into public investment decisions.

Though Kounalakis brings strong leadership experience and a clear commitment to advancing equity through public investment, we note the transition from Lieutenant Governor to State Treasurer requires deeper direct engagement with bond markets and fiscal execution than her prior office has demanded — an area we expect her to develop quickly.

Source (https://sfwpc.org/pac-recommendations-for-june-2026-election/)

The Treasurer's duties relate to managing the State's money--financing, pension funds, various Legislatively-created funds for specific purposes. It is not about making legislative policy choices. Kounalakis, the current Lt. Gov. has prior business experience--and her campaign website focuses on her money management experience. The other candidates are touting their policy views on Democratic or GOP issues, but don't focus on what the Treasurer actually does. So, I vote Kounalakis.

Reproductive Freedom for All President and CEO Mini Timmaraju released the following statement: “These candidates are the bold champions we expect from a state that has long been a leader in protecting reproductive freedom. While Trump and his anti-abortion allies work to push care out of reach, Rob Bonta, Eleni Kounalakis, Caroline Menjivar, and Deborah Klein Lopez are committed to protecting Californians’ fundamental freedoms. Health care, fair elections, and abortion access are on the line this year, and making sure these candidates advance to November is critical to defending our rights and our futures.” Reproductive Freedom for All Senior Director of California Campaigns Kristin Slevin released the following statement: “Californians built incredible momentum by approving Prop 50 last year, and our members in California are ready to harness that momentum and elect leaders who understand what is at stake and will fight for reproductive freedom and fair elections. These four candidates have proven time and again that they’ll put Californians first, and our members are ready to help them secure a spot on the November ballot.” Read more about Reproductive Freedom for All’s endorsed candidates here (https://reproductivefreedomforall.org/elections/). Source (https://reproductivefreedomforall.org/news/reproductive-freedom-for-all-endorses-slate-of-candidates-for-key-california-primary-races/)

Current Lieutenant Governor and former real estate developer (AKT Development) and U.S. Ambassador to Hungary. Focus on housing finance and fiscal discipline.

Kounalakis has years of private sector experience as a housing developer in the Sacramento region, and also has the soundest plans for managing the state’s finances, according to GrowSF and the SF Chronicle, who’ve endorsed her. She’s raised ten times as much as the rest of the candidates put together, so I doubt it will be a close race.

VIG listing; Occupation: Lieutenant Governor of California

Eleni Kounalakis - Nothing special, Just easy to vote for.

SD & Imperial Counties Labor Council endorsed

Eleni is probably the strongest candidate, and she's the current lieutenant governor. She's endorsed by Kamala Harris. She said she wanted to leverage state dollars for affordable housing, clean energy, and infrastructure. However, she comes from a wealthy family who are literally real estate developers? That itself is a little questionable. My close second would be Glenn Turner (honestly might vote for her!). Her website says "I’m Glenn Turner, and I’m running for California State Treasurer to make our public dollars serve the PEOPLE — not war profiteers, fossil fuel corporations, or billionaires complicit in human rights abuses."

• Eleni Kounalakis brings statewide executive experience and a finance background — she’s served as Lieutenant Governor since 2019 (winning reelection with nearly 60%), sat on UC and CSU governing boards, and was U.S. Ambassador to Hungary before that.
• She’s running on fiscal responsibility and strategic investment — pitching herself as a detail-oriented former diplomat focused on California’s financial future, with a vision (echoed by endorser Libby Schaaf) of using the Treasurer’s financing powers for housing and climate.
• In a two-Democrat race, she’s a proven statewide name.

Just such a smart, capable woman. More please.