Real Estate Executive Urges California Changes to Retain Businesses

By Andrew Powell (/journals/andrew-powell)

Real estate executive Mauricio Umansky is calling for changes to California's business climate, saying companies need greater confidence to invest and expand in the state. According to FOX Business, the founder and CEO of The Agency discussed California's economic challenges, housing affordability, and the 2026 governor's race. Umansky said increasing the supply of affordable housing should be a priority because high housing costs can put pressure on both residents and businesses. "I think what matters is… creating affordable housing. I think that's critical in our world and that keeps the economy growing," Umansky said. He also argued that California needs to encourage companies to remain in the state and put money back into the economy. "I think bringing business back to California is critical," he said. "And that's really what we need to focus on right now." California's high costs and regulatory environment have become recurring issues in discussions about the state's economy. Research from the Public Policy Institute of California has found that companies leaving California often move their headquarters to states with lower taxes and fewer regulations. The issue is also emerging as a major topic in the 2026 race for governor. Republican Steve Hilton has campaigned on reducing taxes and regulations, while Democrat Xavier Becerra has proposed declaring California's housing shortage an emergency and directing state agencies to prioritize housing production and affordability. PPIC's September survey found that 65% of likely California voters consider candidates' positions on affordability and the cost of living very important when deciding how to vote. Umansky acknowledged that changing California's economic conditions would not happen immediately. "None of this stuff gets fixed overnight, right? But we need to start taking baby steps," he said. The real estate executive also criticized policies proposed by Los Angeles mayoral candidate Nithya Raman, saying he worries some of her positions could make it more difficult for business owners to invest. "As a business owner… I'm concerned about the policies that she'll put into effect," Umansky said. He argued that California should focus on encouraging investment rather than policies he believes could make operating a business more difficult. His comments come as California voters prepare to choose the state's next governor and weigh competing approaches to housing, affordability and economic policy. The November election will feature Becerra and Hilton after they advanced from the state's top-two primary. For Umansky, the focus is on creating conditions that give business owners enough confidence to put money back into California while addressing the state's housing costs. Watch the video below: https://www.youtube.com/watch?v=wEks42uK8pw