Eleni KounalakisEleni Kounalakis

On Monday, Harris endorsed Lt. Gov. Eleni Kounalakis for treasurer, as well as incumbents Attorney General Rob Bonta, Controller Malia Cohen and Los Angeles Mayor Karen Bass. Kounalakis is running against two other prominent Democrats, while Bass is at serious risk of losing the mayoralty over her handling of last year's devastating fire in the Pacific Palisades.

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)

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/)

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.

"California's housing crisis demands urgency and serious financing solutions, and I'm honored to have the support of the California Council for Affordable Housing. As Treasurer, I'll be a steady partner in accelerating affordable housing production and preservation, protecting renters and first-time homebuyers, and ensuring public dollars deliver real results."

Eleni Kounalakis

Source (https://californiacouncil.org/2026-voters-guide)

Elect Eleni Kounalakis for Treasurer to keep California on the right track for progress. Progressive endorsements: Kounalakis has the endorsement of a many groups, including California Federation of Labor Unions, California Teachers Association, Equality California, California Environmental Voters, Reproductive Freedom for All, UNITE HERE California, National Union of Healthcare Workers, East Area Progressive Democrats, and Teamsters California. Governance experience: Kounalakiscurrently serves as California’s lieutenant governor, and was elected to that seat in 2018 with over 56% of the vote. In 2022, she won her re-election against a Republican challenger by 18 points. During her time in state leadership, she has championed bills to improve environmental protections, international affairs, and equity across the state. She has supported efforts to decommission oil drilling, transition the state to renewable energy, reduce carbon emissions, promote California’s economy on the global stage, and establish the first Transgender Advisory Council in the country. She also serves as a member of the University of California Board of Regents and the California State University Board of Trustees, and has advocated for more affordable tuition and creating more affordable student housing on campus.