California
Tom Steyer, California governor candidate, 2026 primary election questionnaire
Ahead of the June primary election, the Southern California News Group compiled a list of questions to pose to the candidates who wish to represent you. You can find the full questionnaire below. Questionnaires may have been edited for spelling, grammar, length and, in some instances, to remove hate speech and offensive language.
Name: Tom Steyer
Current job title: Climate Advocate
Age: 68
Political party affiliation: Democratic
Incumbent: No
Other political positions held: Co-Chair, Governor’s Task Force on Business and Jobs Recovery (2020)
City where you reside: San Francisco
Campaign website or social media: tomsteyer.com
What is your top economic development priority for the state? How will you work with cities to achieve this? (Please answer in 250 words or less.)
My top economic priority is building an economy that works for everyone, not just the billionaires and biggest corporations. As governor, I’ll call a special election to get this done and make sure our economy grows from the bottom up, not the top down.
This starts with fixing the inequities in our tax system created by what I call the “Trump Tax Loophole.” Closing this loophole will force corporations and the billionaires who control them to pay their fair share — even Donald Trump himself. Right now, cities are starved of revenue because large commercial property owners are paying artificially low, outdated tax rates and that holds back local investment in schools, housing and infrastructure. I’ll partner with cities by giving them the resources they need by closing this loophole and returning billions of dollars to local communities.
Affordability continues to be top of mind for Californians. What is one specific area where the state could bring about immediate relief for residents? (Please answer in 250 words or less.)
The fastest way we can deliver real relief is by lowering the cost of housing for both renters and homeowners who are being squeezed every month. That means putting money back into people’s pockets now — expanding the Renter’s Tax Credit while also providing targeted relief to help homeowners stay in their homes and manage rising costs. I will fully enforce California’s Tenant Protection Act to ensure renters are protected statewide, including the cap on excessive rent increases, just-cause eviction standards and relocation assistance for displaced tenants.
At the same time, we need to make sure people can access the support they need, from housing counseling to homelessness prevention, so fewer Californians fall through the cracks. This will provide immediate relief while we build more housing and fix the underlying affordability crisis for the long term. But short-term fixes alone won’t solve this crisis. That’s why we’re committed to building 1 million new homes over the next four years — funded by closing corporate tax loopholes and making sure big corporations finally pay what they owe. Expanding housing supply remains the most durable solution to the affordability crisis and will serve as a cornerstone of this agenda.
Legislative Republicans this year called for a one-year suspension of the state’s gas tax. Meanwhile, another legislative proposal would consider charging drivers based on how much they use the roads as opposed to the fuel consumed. As governor, would you support any of these proposals? How else would you hope to alleviate prices at the pump for California drivers? (Please answer in 250 words or less.)
I support a windfall profits tax on the oil companies that are making billions in extra profits at the expense of California families, and paying it out directly to the citizens of California. The companies that caused this crisis should pay for it. We need to provide immediate relief to Californians, but do it in a way so we can maintain our roads. Any solution that can’t lower costs and maintain our critical infrastructure is not a serious solution.
How do you propose to manage the state’s budget to ensure long-term fiscal stability? What areas would you consider for spending cuts, and, similarly, where would you like to see increased investment and why? (Please answer in 250 words or less.)
I will never balance the budget at the expense of working people — especially not when some of the wealthiest corporations and people on earth aren’t paying their fair share in taxes to the state of California. Long-term fiscal stability starts with fairness: closing the Trump tax loophole created by Proposition 13, which costs California cities, schools and communities $15 to 20 billion a year, is the single biggest step we can take. That revenue would allow us to invest in education, health care, affordable housing and local services without raising taxes on working families. At the same time, I’d ensure every dollar the state spends is accountable and effective, focusing on programs that deliver real results. This approach balances fiscal discipline with bold investments in the people and communities that make California strong.
One of the main concerns cited by opponents of a proposed billionaire tax is that it would push the state’s wealthiest residents to move elsewhere. Should this tax proposal qualify for the ballot and be approved by voters, what would you do as governor to ensure California remains a place where entrepreneurs and innovators want to live, so that the Golden State can continue to benefit as one of the world’s largest economies? And if it doesn’t pass, how would you propose the state pay for health care amid the Trump administration’s funding cuts? (Please answer in 250 words or less.)
California is the best place in the world to start and grow a business. We imagine and build the future here like no place on earth. To keep it that way, locally, we need to expand Film Tax Credits to keep arts and entertainment in Los Angeles and keep an industry in California that employs tens of thousands of people. Broadly, the single most important thing we can do to ensure that entrepreneurs and innovators want to stay in California is to bring down costs — and I have plans to bring down the cost of housing, energy, health care and more.
Regardless of what happens with the specific billionaire tax on the ballot, I’m proposing we close the corporate property tax loophole in Proposition 13, which would bring in $15 to 20 billion every year for California schools, health care and local services. It’s a long-term solution that ensures everyone pays their fair share and that communities get the resources they need year after year.
Speaking of health care, should the state provide free or subsidized health care, such as Medi-Cal, to undocumented immigrants? Should there be any conditions placed on their eligibility? (Please answer in 250 words or less.)
Health care must be a right for every Californian, and that includes undocumented immigrants who are here participating in our society, working in our society, paying taxes and bringing up their families. Ultimately, I’m fighting for a single-payer system, which is the only way to make coverage universal, affordable and equitable. But the answer is not to turn people away from hospitals when they need medical care — access to care shouldn’t depend on income, status or luck. It’s to make corporations and billionaires pay their fair share, and to structurally change the system so we can afford to deliver health care as a right to everybody in California.
Would you continue to implement CARE Court, which is meant to help get people with severe mental illnesses off the streets? What changes, if any, would you make to the program? (Please answer in 200 words or less.)
CARE Courts may play a role in connecting people with severe mental illness to treatment, but they are not a substitute for housing or comprehensive support. My focus as governor would be on preventing people from becoming homeless in the first place and getting those who are on the street off it as fast as possible and into stable, supportive housing. We must treat this emergency with the urgency and depth of policy it deserves. We need to make sure people are paired with real housing, mental health services and case management, because treatment without a home doesn’t work. The priority has to be a full continuum of care — emergency interim housing, permanent supportive housing and mental health services — so people can rebuild their lives safely and sustainably.
As part of combating homelessness, elected officials often talk about the need to prevent people from losing their homes in the first place. What policies or programs should the state adopt to make housing more affordable for renters and homeowners? What do you propose the state do to incentivize housing development and expedite such projects? (Please answer in 250 words or less.)
I have released a comprehensive housing plan that addresses many of these questions. We have to tackle housing affordability on both fronts — keeping people in their homes today and building the homes we desperately need for tomorrow. That means expanding the Renter’s Tax Credit, protecting homeowners from rising costs and making sure renters know their rights and can access homelessness prevention services.
To quickly get unsheltered Californians off the streets, I will conduct a comprehensive spending review and partner with local governments to urgently expand interim bridge housing paired with robust stabilization services, ensuring we match the right type of housing and level of care to the specific needs of every individual.
At the same time, public dollars should bring investments to the table, not scare them away. Housing finance in California is too fragmented, burdensome and restrictive, and adds time, costs and complications that disincentivize the private investments that are vital for affordable housing. We need to cut the red tape that slows development, use publicly controlled land and give cities and developers real incentives to build affordable and mixed-income housing while confronting NIMBYism that too often blocks progress. This is about moving quickly to get people off the streets, into stable homes and finally creating the housing supply California families need.
What is a policy or project from the Newsom administration that you’d like to expand or continue? Is there something you’d change about the approach? (Please answer in 250 words or less.)
Gov. Gavin Newsom has made real progress in positioning California as a global leader in clean energy and climate action, and that’s something I would absolutely build on. We should accelerate investments in clean tech — scaling renewable energy, electric vehicles and energy storage — because that’s how we create good-paying jobs and lead in the industries of the future. I’d focus on expanding these efforts so that every community shares in the benefits, from lower energy costs to cleaner air and new economic opportunities.
Conversely, name a policy or program from the Newsom administration that you’d want to eliminate or make major revisions to and explain the changes. (Please answer in 250 words or less.)
Gov. Gavin Newsom has done a good job standing up to Donald Trump and defending California’s values, and he’s made real progress on some of the toughest issues we face. But what he hasn’t been able to do yet is make billionaires like me and the largest corporations pay their fair share in taxes. As governor, I will. That starts with closing loopholes, especially in our commercial property tax system, so we can generate stable, ongoing funding for schools, health care and local services. It’s about strengthening the foundation we already have and making sure California’s prosperity is shared more broadly.
Artificial intelligence has become a ubiquitous part of our lives. Yet public concerns remain that there aren’t enough regulations governing when or how AI should be used, and that the technology would replace jobs and leave too many Californians unemployed. How specifically would you balance such concerns with the desire to foster innovation and have California remain a leader in this space? (Please answer in 250 words or less.)
I am the first and only candidate in this race to have released a comprehensive AI policy plan because this issue is too important to ignore or get wrong. AI is a threat to our safety, mental health and kids, but if we get it right, we can support our schools, businesses and communities. That’s why my plan ensures companies are held accountable with stronger regulations, requires data centers to pay their own way and creates a “Golden State Sovereign Wealth Fund” by taxing AI-driven profits. That fund will be reinvested directly in Californians — supporting education, job training and new opportunities — so workers benefit from this boom, not just the companies at the top. We cannot let AI be a technology that helps a handful of tech billionaires become tech trillionaires while putting millions of Californians out of work.
Last summer, President Donald Trump not only deployed federal immigration agents to California to carry out his mass deportation policy; he also federalized the National Guard and sent them to Los Angeles. How would you respond as governor should the president deploy more federal agents or troops to California again? (Please answer in 250 words or less.)
ICE, as it exists today, should be abolished and demolished — it’s a criminal organization that has operated without accountability and has caused real harm to families and communities across this state. When an institution is broken from top to bottom, you don’t patch it — you replace it with something that reflects our values and the rule of law. As governor, I’ll use every legal tool to stop federal overreach, protect our residents, stop masked ICE agents from terrorizing California citizens and make sure California stands for dignity, justice and accountability.
What’s a hidden talent you have? (Please answer in 250 words or less.)
Looking into the future.
OK, not literally. But I was a professional investor, and the job of an investor is to try to think about the future, anticipate it and figure out how to respond to it, knowing that you can never actually “know” what’s going to happen. And when we look at the problems that the California government has been having, that the institutional thinking has been having, we really haven’t seen a consistent focus on what’s going to happen — just a focus on what has happened, or what is happening now.
California
Activists demand Black English be pushed on kids in California preschools
Activists are pushing for Black English to be legitimized in preschool as a way to build children’s literacy skills in California.
The Black Californians United for Early Care & Education (BlackECE) is part of a movement to challenge “harmful language hierarchies and affirm Black English as a legitimate, rule-governed language rooted in Black history, culture, and community.”
The movement also seeks to “address how language bias shows up in early learning spaces–and how it can be dismantled.”
“I don’t want my son to walk into any room and feel like his voice is not valued or his perspective can’t be heard because he’s not saying it one way or the other,” the co-founder of BlackECE Ashley Williams told PBS.
She also remembered how speaking Black English is full of slangs and grammatical errors so it came with a lot of embarrassment.
BlackECE is a nonprofit organization centered around a 10-point policy plan that seeks to gain reparations and help Black children, families, and workers.
California released a plan promoting early dual language learning and calling on the state’s education system to support bilingual children in their development in 2020, but the advocacy group believes that Black vernacular should be included.
“We talk about multilinguals, but we don’t include Black children who may be African-American English speakers,” the Director of the Children’s Equity Project Xigrid Soto-Boykin said.
Williams also recalled her experiences in having to “talk white” and talking in her comfortable English and feeling insecure.
Around 20% of American children and 44% of five to seventeen year-olds in California are considered to be bilingual, according to the National Library of Medicine’s research in 2020.
However, only 89% of African-Americans solely speak English at home.
California
Jackie and Shadow fled during Big Bear fireworks but returned to nest and eaglets the next day
Fireworks can frighten animals and send them scattering, but Jackie and Shadow’s eaglets apparently are made of sterner stuff.
Chicks Luna and Sandy were seen safe and sound Sunday morning around 6 a.m. on the popular livestream nest cam aimed at their Big Bear pine tree, snacking on fish in the family aerie.
Mom and Dad did fly off when the nearby Fourth of July holiday show promoted by tourism organization Visit Big Bear began on Saturday night, Big Bear Valley media and website manager Jennifer Voisard told the Orange County Register on Sunday morning.
But both bald eagles flew back to their nest Sunday morning to care for their eaglets, who had remained around the nest during the show.
The fireworks show has faced controversy regarding the famous avians, spawning a Change.org petition to move the festivities farther away or switch to an environmentally friendlier drone show.
More than 45,000 people signed the petition. But the show went on for the sake of the local economy.
There was particular anxiety this year among environmental advocates as the eaglets were on the cusp of flying as the event was planned. The pair took their first flights just days beforehand. They had been spotted in nearby trees but didn’t immediately return to the nest.
The nonprofit that operates the webcam, Friends of Big Bear Valley, wrote a letter to officials warning that, “whether they are still in the nest or newly fledged, they will depend on Jackie and Shadow to care for them.”
“If, as in the past, Jackie and Shadow were to flee the habitat area for a few days, this could put the eaglets in danger at this important time of their lives.”
To the relief of their fans, the parents did return.
The fireworks event is an important economic driver in a year when Big Bear saw less snow than usual during its peak winter months, the travel organization said.
“The fireworks show is a long-standing community tradition and an important economic driver for Big Bear’s local businesses, workers, restaurants, lodging properties, recreation providers, and families. That context is especially important this year after another low-to-no snow winter, which directly impacted many of our neighbors, employees, and small businesses,” Visit Big Bear said in a statement.
It said the show happens about two miles away from Jackie and Shadow’s nest and lasted only about 30 minutes.
The eagles — and occasionally their chicks — could be seen on Friends of Big Bear Valley’s livestream heading into Sunday evening.
California
A Dividend Portfolio That Out-Earns the Average California Family
© PeopleImages / Shutterstock.com
California’s median household income landed at $100,600 in 2024, according to Census data compiled by the St. Louis Fed. That is the number a portfolio has to replace to hand a Golden State family the same paycheck without anyone clocking in. The wrinkle: California’s 2024 regional price parity was 110.7, meaning prices were about 10.7% above the national average. Replacing that income with dividends carries a built-in purchasing-power headwind.
The core equation: income target divided by yield equals the capital required before taxes. What changes across yield tiers is the risk, growth trajectory, tax treatment, and whether the check keeps up with California living costs over the next decade.
The Sleep-At-Night Tier: 3.5% to 4%
At a 3.5% blended yield, replacing $100,600 requires roughly $2,874,000 in invested capital. This is the dividend growth lane. PepsiCo (NASDAQ:PEP | PEP Price Prediction) yields about 4% and just raised its payout for the 54th consecutive year, with a $1.48 quarterly dividend up from $1.4225. Johnson & Johnson (NYSE:JNJ) yields a leaner 2% but just delivered its 64th consecutive annual raise to $1.34 quarterly.
The tradeoff is capital-heavy but growth-rich. PepsiCo’s annual dividend climbed from $4.02 in 2020 to $5.62 in 2025, roughly a 40% raise in five years. That is how this tier beats the California cost-of-living treadmill.
The Middle Path: 5% to 6.5%
At a 5% blend, the required capital drops to roughly $2,012,000. Push to 6.5% and the number falls to about $1,548,000. This tier is where net-lease REITs, gaming REITs, and pipeline partnerships live.
Realty Income (NYSE:O) yields about 5%, pays monthly, and just declared its 114th consecutive quarterly increase at an annualized $3.246 per share. Portfolio occupancy sits at 99%. VICI Properties (NYSE:VICI) yields almost 7% off a $1.783 payout backed by triple-net leases on Caesars Palace and MGM properties with 100% occupancy. Enterprise Products Partners (NYSE:EPD) yields near 6% on a $2.20 annualized distribution, though its K-1 tax form adds filing complexity in a high-tax state.
The tradeoff: growth slows. VICI’s quarterly dividend rose from $0.4325 to $0.45 over the past year, a mid-single-digit bump. Realty Income’s payout grew about 3% to 3.7% per its 2026 AFFO guide. That still edges past inflation, barely.
The High-Yield Tier: 8% and Above
At 8.3%, the required capital collapses to roughly $1,212,000. Main Street Capital (NYSE:MAIN) is the archetype. Its regular monthly payout of $0.26 annualizes to $3.12, and four $0.30 supplementals per year add another $1.20, for a total of roughly $4.32 per share. Against a $52 stock price, that is a total yield near 8.3%.
The catch: BDC supplementals are tied to net investment income and portfolio performance, not contractual. Non-accruals sat at about 1% of the portfolio at fair value at quarter-end, which is healthy, but the extras can shrink in a credit downturn. The 10-year Treasury yields about 4.5% for comparison, so an 8% equity yield is nearly double the risk-free rate for a reason.
Why the Cheapest Portfolio Is Often the Worst Deal
A 3.5% yield growing 8% per year doubles the income stream in nine years. A flat 8% yield stays exactly where it started. Nine years from now, that $100,600 California household budget needs to be closer to $130,000 just to hold ground against typical inflation. The high-yield portfolio funds today’s paycheck. The growth portfolio funds today’s paycheck and next decade’s.
California’s top marginal state rate reaches 13.3%, and MLP K-1s, REIT ordinary-income distributions, and BDC dividends are almost all taxed as ordinary income. Qualified dividends from PepsiCo or Johnson & Johnson get preferential federal treatment. That gap matters in Sacramento’s tax bracket.
Before Chasing Yield, Run These Three Numbers
- Calculate spending, not salary. California households often need to replace only 70% to 80% of their working income once payroll taxes, retirement contributions, commuting costs, and other job-related expenses disappear. Replacing $75,000 of actual spending requires far less capital than replacing a $100,600 paycheck.
- Compare total return, not just today’s yield. Run a simple ten-year spreadsheet comparing a 3.5% dividend-growth portfolio with an 8% high-yield portfolio, assuming dividends are reinvested. The higher-yield option often wins early, but the growth portfolio frequently catches and passes it over time.
- Model after-tax income. California’s 9.3% and 13.3% state tax brackets can change the ranking. Qualified dividends, REIT distributions, BDC dividends, and MLP distributions all receive different tax treatment, so the portfolio with the highest stated yield may not produce the most spendable income.
Replacing California’s median household income with dividends is possible, but the cheapest portfolio is not always the one that leaves you in the strongest position ten or twenty years from now. The right choice depends on whether your priority is maximizing today’s income, protecting tomorrow’s purchasing power, or striking a balance between the two. For most investors, the real goal is not simply matching a paycheck. It is creating one that never requires punching a clock again.
Contact [email protected] for any questions or corrections.
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