Real estate exec says bringing business back to California is 'critical'

Key Points:

• Mauricio Umansky, founder and CEO of The Agency, emphasized the need for affordable housing and a better business climate to encourage reinvestment in California's economy amid the 2026 gubernatorial race.
• High housing costs and a challenging business environment have led many company headquarters to relocate to states with lower taxes and fewer regulations, according to research from the Public Policy Institute of California.
• Republican candidate Steve Hilton advocates for cutting taxes and regulations, while Democrat Xavier Becerra proposes declaring a housing emergency to prioritize housing production and affordability.
• Umansky expressed concerns about policies from Los Angeles mayoral candidate Nithya Raman, fearing they could discourage business investment and hinder economic growth in the state.
• He acknowledged that economic improvements will take time but stressed the importance of starting incremental changes to restore business confidence in California.