Some of Los Angeles' biggest real estate power players moved fast after the June primary, quietly writing maximum-allowed checks to Xavier Becerra and pivoting away from earlier favorites. Led by billionaire developer Rick Caruso and followed by other major firms and executives, the shift signals an industry eager to hedge its bets well ahead of the November runoff.
Caruso, Jeff Worthe and Kilroy Realty each cut $39,200 checks to Becerra in the days immediately after the primary, according to The Real Deal. Representatives for Caruso declined to comment, and spokespeople for Worthe and Kilroy did not immediately respond, the outlet reports. Those top-tier donations landed alongside a broader stream of real estate money flowing into Becerra's campaign and allied committees.
Industry Filings Show Big, Coordinated Flows
Campaign trackers and Cal-Access disclosures mapped by The Donor Map show that real estate executives and related independent committees have funneled millions into the governor's race. The cash is arriving both as direct contributions to candidates and as sizable independent-expenditure spending by industry groups. For Becerra specifically, those trackers indicate that post-primary real estate donations and committee support have climbed past the half-million-dollar mark.
Developers Hedging Their Bets
The behavior fits a familiar playbook: developers frequently spread contributions across multiple contenders to preserve access and influence, and Caruso's $39,200 check to Becerra follows a much larger outlay to Matt Mahan's effort, as The Real Deal notes. Other executives and REIT leaders who backed Mahan or other Democrats in the primary have pared back or redirected smaller contributions to Becerra as the field narrowed. For local voters, it all means that deep industry relationships will remain easy to spot as the race settles into a two-candidate contest.
What It Could Mean for Policy and Politics
Opponents have seized on the wave of real estate spending to question candidates' independence, and reporting has pointed out how industry committees and corporate checks have become central weapons in the contest, according to The Sacramento Bee. Real estate donors typically push hardest on housing, permitting and land-use issues, all of which will sit at the core of any governor's agenda and carry direct consequences for Los Angeles. Becerra's campaign has stressed the formal separation between candidate committees and independent committees, but the money trail still offers leverage, talking points and plenty of fodder for rivals and allies alike.
The donors' quick turn to Becerra is a reminder that in California politics, the same industry figures can and will bet on multiple outcomes, keeping lines of access open no matter who ultimately wins. Hoodline will update this story if campaigns or donors provide additional comment or if new filings surface.
