Los Angeles real estate money is lining up behind San Jose Mayor Matt Mahan’s run for governor, and the latest check is a big one. Eastdil Secured’s newly elevated CEO, D. Michael Van Konynenburg, has put $50,000 into an independent-expenditure committee supporting Mahan’s statewide bid, as outside groups and wealthy donors bankroll an aggressive ad blitz to introduce the Bay Area mayor to voters across California.
Eastdil chief's donation and company shake-up
According to The Real Deal, Van Konynenburg, who had been Eastdil’s longtime president, made the $50,000 contribution and has now taken over as CEO after Roy March shifted into the role of executive chairman. Eastdil is headquartered in New York City, but it keeps a Santa Monica office where Van Konynenburg is based.
Big L.A. donors pile in
That check puts Van Konynenburg among a growing list of Southern California real estate players backing Mahan, including billionaire developer Rick Caruso and other industry executives, as reported by Mission Local. The Los Angeles Times reported that a Silicon Valley-backed independent committee bought Super Bowl-era airtime and other major ad buys to boost Mahan’s profile, underscoring how outside groups, not just the campaign itself, are paying to amplify his message.
Money vs. momentum
So far, all that cash has not translated into a surge in support. Public polling still has Mahan in the low single digits even as outside groups keep spending heavily to raise his name recognition.
The donation also lands in the middle of a corporate shake-up at Eastdil, after Savills agreed to acquire the firm for roughly $1.1 billion, a deal that triggered leadership changes, according to Bloomberg.
Legal questions over 'independent' spending
The flow of outside money has also drawn legal scrutiny. An ethics complaint filed with the California Fair Political Practices Commission claims that Mahan’s campaign and some of the independent groups backing him improperly coordinated their efforts, a charge Mission Local reports the FPPC has acknowledged receiving.
Legal experts quoted in that reporting note that turning such allegations into a proven violation is difficult. “Passive receipt of information is not enough,” Jessica Levinson, a law professor at Loyola Marymount University, told the outlet.
For now, the alignment of an international investment bank’s new CEO with a cadre of L.A. real estate donors is one more sign of how high-dollar money is shaping California’s 2026 governor’s race. What the FPPC does next, and whether outside committees keep pouring cash into the contest, will be key early clues as to whether those checks turn into actual political momentum for Mahan.
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