Eleni Kounalakis

• Office: Treasurer
• Election Date: June 2, 2026
• Candidate: Eleni Kounalakis
• Due Date: April 7, 2026
• Printable Version

Thank you for seeking GrowSF's endorsement for the June 2, 2026 primary election! GrowSF believes in a growing, vibrant, healthy, safe, and prosperous city via common sense solutions and effective government.

As a candidate for state office, your day-to-day responsibilities in office will affect not just San Francisco, but California as a whole. As a representative of the people of California and of San Francisco, the policies you bring to Sacramento should reflect the best of what we have to offer.

The GrowSF endorsement committee will review all completed questionnaires and seek consensus on which candidates best align with our vision for San Francisco and have the expertise to enact meaningful policy changes.

We ask that you please complete this questionnaire by April 7, 2026 so we have enough time to adequately review and discuss your answers.

• Your Policy Goals
• Your Leadership
• The Issues
• Personal
• Thank you

Your Policy Goals

We’d like to get some details about your high-level goals and how you intend to use your elected office to achieve them.

What policies do you hope to change or preserve by running for Treasurer? Please be specific, and list them in order of priority.

1. Expanding affordable housing and investing in infrastructure

Nothing drives California’s affordability crisis more than housing costs. Increasing housing supply—especially housing affordable to working families and front-line workers—is essential to improving affordability, stabilizing communities, and strengthening California’s economy. If elected Treasurer, I will focus on modernizing the Low-Income Housing Tax Credit program, streamlining bond financing, and accelerating the construction of affordable housing statewide. To build the housing we need, we must also build adequate infrastructure to support growth. As a former housing developer, I have experience with complex financing mechanisms. I will direct bond financing toward energy, transportation, and water infrastructure projects to build the infrastructure we need while working toward California’s climate goals and creating high-road careers. Finally, I will use my role as Treasurer on health-related boards to advocate for investment in hospitals and health care infrastructure.

2. Protecting retirement security and strengthening public pension systems

Protecting and strengthening CalPERS and CalSTRS is critical to the retirement security of millions of public employees. As Governor Newsom’s representative for international affairs and trade, I’ve worked at the state and federal levels to grow our economy. As a businesswoman for almost twenty years, I have the skills and training to ensure responsible investment strategies that grow pension assets while maintaining long-term stability and transparency. By directing investments that both safeguard pensions and support high-quality projects, we can protect earned benefits while creating good jobs.

3. Investing in the financial future of California’s children and families: The Treasurer’s Office administers some of the state’s most important programs for building long-term financial security for California families. As Treasurer, I will strengthen and expand programs like CalSavers, CalKIDS, ScholarShare 529, and CalABLE to help families save for education, prepare for retirement, and plan for the future—particularly for working families, people with disabilities, and communities historically excluded from wealth-building opportunities.

Why those policies?

Bringing fiscal discipline and accountability to the Treasurer’s office is essential to protecting California’s financial strength—and it must be paired with a clear strategy for putting the state’s resources to work. My policy priorities, as listed above, reflect where the Treasurer can have the greatest measurable impact. Housing and infrastructure financing address the root causes of affordability and economic
growth. Protecting pensions safeguards the retirement security of millions while maintaining fiscal stability. Expanding savings programs helps families build long-term financial security and upward mobility. Together, these policies use the Treasurer’s core tools—investment, bonding, and program oversight—to deliver practical, statewide results while maintaining a strong credit rating and lowering costs for taxpayers.

Explain why your #1 goal is your #1 goal.

California is facing a severe housing supply crisis. For decades, we have underbuilt relative to population growth and job creation, driving up rents and home prices and forcing families farther from work, school, and community. As a former housing developer for almost two decades, I also believe that efforts to build more housing must remain grounded in sound city-planning principles. So while the solution is straightforward, execution is hard: we must dramatically increase housing production across all income levels, especially near jobs and transit, while respecting basic planning tenets. As State Treasurer, I will focus on lowering financing costs, unlocking capital, and partnering with local governments to move projects from approval to construction faster..

How will you build the coalition and political capital to enact your #1 goal? What obstacles will you face, and how will you overcome them? Will the power of the office of Treasurer be enough to achieve this goal?

Will the power of the office of Treasurer be enough to achieve the other goals?

Building housing at scale requires alignment across state and local government, labor, the private sector, and communities. I will use the Treasurer’s role as a financial partner—not a regulator—to bring stakeholders together on projects ready to move forward. By lowering borrowing costs, streamlining financing tools, and delivering early wins, I will build momentum and broader support.

The biggest obstacles are high capital costs, fragmented financing, and delays. I will modernize bond programs, better coordinate funding streams, and align financing with approved projects so they can move to construction faster. While the Treasurer cannot control every barrier, the office can remove key financial bottlenecks.

The Treasurer cannot solve the housing crisis alone, but the office is one of the state’s most effective tools to deliver affordable housing. By lowering financing costs and expanding access to capital, the Treasurer can directly accelerate production. The Treasurer also sits on the oversight boards and/or staffs the agencies which directly relate to the other priorities: CalPERS and CalSTRS, CalSavers, CalKIDS, ScholarShare 529, and CalABLE, bond authorities etc.

What is an "out there" change that you would make to state/local government policy, if you could? For the purpose of this question, you are not constrained to the office of Treasurer.

If I could make one bold, “out there” change, it would be to treat civic education as essential public infrastructure—and actually fund it that way at the state and local level.

We invest in roads, water systems, and energy because we know they’re critical to how our state functions. I think civic education should be viewed the same way. I would create a dedicated, ongoing funding stream to support real, hands-on civic learning from K–12 through community college—modern curricula, partnerships with local governments, and paid internships so students can see how government actually works.

At the end of the day, a healthy democracy depends on people understanding how to participate in it. This is about rebuilding trust, strengthening civic engagement, and making sure the next generation is ready to lead.

Your Leadership

We’d like to learn more about your leadership style and plan to execute effectively once you assume office.

Why are you running for Treasurer?

I am proud to serve as the 50th Lieutenant Governor of California and the first woman elected to this office. I am the daughter of an immigrant who began his career as a farmworker and later worked in the Governor’s Mansion. His journey shaped my belief that hard work, opportunity, and strong unions are the foundation of the middle class and of a thriving California.

I am running for State Treasurer because California needs leadership that combines fiscal discipline with smart, forward-looking investment. I understand how bond financing, capital markets, and pension stewardship directly affect housing affordability, school facilities, infrastructure, and retirement security for millions of Californians. Throughout my career, I have balanced budgets, financed housing and infrastructure, and delivered results that put working families first. As Treasurer, I will safeguard public funds, strengthen retirement security, lower borrowing costs for local governments and public agencies, and ensure California’s financial tools are used responsibly to support strong communities and long-term economic stability.

My campaign is built on a broad, proven statewide coalition and a disciplined, well-funded strategy to win. I bring strong statewide name recognition, a record of results, and the support of leaders across California, including Governor Gavin Newsom, State Treasurer Fiona Ma, and State Controller Malia Cohen. With significant resources on hand, our campaign is focused on turning out Democrats, union households, and working-class voters in every region of the state.
The strength of my candidacy is rooted in deep experience with finance, housing, and public investment at a moment when Californians are demanding competence, stability, and results. I understand how public finance decisions affect everyday lives, and I am committed to being a Treasurer who is accessible, accountable, and focused on delivering real outcomes for California’s future.

In your own words, what are the constitutional and statutory responsibilities of the California State Treasurer?

The California State Treasurer is the state’s chief banker and investment officer, responsible for managing and safeguarding public funds and ensuring the state can finance its priorities at the lowest possible cost.

Constitutionally and in statute, the Treasurer manages the state’s cash through the Pooled Money Investment Account (PMIA), oversees issuance of state bonds and short-term notes, and serves as agent for the sale and repayment of debt. The Treasurer chairs or serves on numerous financing authorities that fund housing, schools, infrastructure, and economic development.

The Treasurer also sits on the boards of CalPERS and CalSTRS, helping oversee pension investments and protect retirement security. In addition, the office administers major savings and consumer programs—like ScholarShare 529, CalABLE, CalSavers, and CalKIDS—and promotes financial transparency and responsible fiscal management across state government.

What makes you uniquely qualified for this position?

I am the only candidate in this race with deep experience in statewide executive leadership, public finance and housing development. As California’s Lieutenant Governor, I serve on the boards of UC, CSU, and the Community Colleges, giving me an unmatched understanding of the fiscal, workforce, and infrastructure needs of our public education systems. While on these boards I have helped oversee major capital planning and long-term budget decisions that directly affect students, faculty, and working families. My background also includes global economic leadership as U.S. Ambassador and ongoing work as the Governor’s representative for international affairs and trade.

Prior to government service I led my family business and spent nearly two decades building master-planned housing communities where thousands of California families now live. I have firsthand experience financing and building housing and infrastructure across California, giving me a practical understanding of how capital markets, public financing tools, and local land-use policies affect housing delivery in the real world. The State Treasurer manages trillions of transactions and billions of dollars in bonds that directly impact housing, infrastructure, pensions, and affordability, and sits on the boards of CalPERS and CalSTRS. As a businesswoman, California's representative for international trade, and current constitutional officer, I believe I am the most qualified candidate running for this office.

What three measurable outcomes should Californians use to evaluate your success after your first two years in office?

1. Housing production and cost of capital: A measurable increase in housing units financed through state programs, and decrease in the time from financing to delivery, alongside a reduction in borrowing costs for affordable housing projects and local agencies.

2. Strong pension performance: The Treasurer is one vote on CalPERS and CalSTRS, yet an important measure of success will be stable returns that meet or exceed benchmarks, with improved transparency and downward pressure on fees.

3. Expanded participation in state savings programs: Significant growth in enrollment and assets in CalSavers, CalKIDS, ScholarShare 529, and CalABLE—particularly among working families and underserved communities—paired with lower administrative costs and improved program access.

The Issues

Next, we will cover the issues that voters tell us they care about. We hope to gain a better understanding of your policy positions, and we hope that you use this opportunity to communicate with voters.

The State Treasurer is both a fiscal steward and a public communicator. How would you make California’s $300-billion-plus investment and debt portfolio understandable to the public?

If elected Treasurer I’ll treat transparency as a core management function, and make the state’s finances understandable in plain language, and in real time.

First, I would build a public-facing “California Balance Sheet” dashboard that shows, in one place, how money flows in and out of the state: cash holdings (PMIA), bond debt, pension assets, and major investments. It would translate complex data into clear metrics—cost of borrowing, debt per capita, investment returns versus benchmarks, and fees—so Californians can see how we’re performing.

Second, I would standardize simple, consistent reporting: short quarterly updates that explain what changed, why it matters, and what it means for taxpayers.

Finally, I would pair that transparency with accountability—regular public briefings and open data—so residents, journalists, and policymakers can track whether we are lowering costs, protecting assets, and making smart, long-term financial decisions.

California carries hundreds of billions of dollars in long-term obligations across state and local governments, and the cost of new borrowing has risen as bond yields remain elevated. How would you manage the state’s bond-financing strategy to minimize long-term debt service costs while preserving a strong credit rating? Please identify one specific, measurable target (for example, a debt-service-to-revenues ratio, average true interest cost on new issuances, or a rating-agency metric) that you would aim to improve or hold steady by 2028.

I would manage bond financing with discipline, timing issuances strategically, standardizing structures, and using refinancing when advantageous to lower long-term costs. I will also strengthen coordination with local issuers and maintain conservative debt ratios to protect our credit profile. My measurable target would be to keep the state’s debt-service-to-General Fund revenues ratio at or below 6%, ensuring affordability while preserving California’s strong credit rating.

The state faces recurring structural deficits projected at $10–20 billion per year. What role should the Treasurer play in promoting long-term fiscal balance, and what specific indicators would you monitor to signal fiscal health or risk?

The Treasurer must be a disciplined fiscal steward—bringing transparency, market credibility, and early warning to the state’s finances. While the Legislature and Governor set the budget, the Treasurer plays a critical role in highlighting long-term risks, advising on affordability, and ensuring borrowing decisions support—not obscure—structural balance.

If elected, I will use the office as a bully pulpit to advocate for fiscal discipline and responsible budgeting - just as I have as Lt. Governor. The specific indicators that I will monitor include the structural budget gap, debt-service-to-revenue ratio, reserve levels, revenue volatility, and credit rating outlooks. Together, these metrics provide a clear view of the state’s fiscal health and whether we are maintaining the confidence of investors and taxpayers.

California is facing a severe housing shortage. How would you use the Treasurer’s financing tools to expand housing production at all price points statewide?

For decades, California has underbuilt relative to population growth and job creation, driving up rents and home prices and forcing families farther from work, school, and community. As stated above, I’ve spent nearly two decades as a housing developer and have firsthand experience financing and building housing communities across California, giving me a practical understanding of how capital markets, public financing tools, and local land-use policies affect housing delivery in the real world.

As Lieutenant Governor, I have engaged in this work at the statewide level, supporting policies that expand housing supply, strengthen accountability, and advance affordability. As a member of all three boards that oversee California’s higher education systems, I spearheaded the approval of over 60,000 new beds on our college campuses, demonstrating my commitment to the issue and ability to make a difference.
As State Treasurer, I will focus on lowering financing costs, unlocking capital, and partnering with local governments to move projects from approval to construction faster—because affordability depends on supply.

Many Californians lack a clear understanding of how the state borrows, invests, and allocates public funds. How would you make the state’s financial data more transparent and understandable to the public?

Many Californians are unaware of how directly the Treasurer’s office affects their daily lives, from college savings programs and housing finance to infrastructure and pension investments. Improving understanding begins with transparency and accessibility. As Treasurer, I will prioritize communication with constituents and transparent reporting, along with materials that explain how state investments work and how they benefit communities.

Expanding financial literacy partnerships with schools, community organizations, and local governments can also help residents better understand public finance and the programs available to them.

California’s heavy reliance on capital-gains tax revenue creates large swings in income between boom and bust years. What steps would you take to help the state prepare for revenue volatility and downturns?

California’s revenue volatility is a structural challenge, and the Treasurer should help the state plan for it—not react to it. I would advocate for stronger reserve practices during high-revenue years, including building and protecting rainy day funds and limiting one-time windfalls from being committed to ongoing spending.

From the Treasurer’s perspective, I would align cash management and debt strategy with economic cycles—maintaining liquidity, avoiding unnecessary borrowing during downturns, and preserving flexibility. I would also use the office to highlight revenue trends and risks early, so policymakers can make more disciplined, forward-looking budget decisions.

Personal

Tell us a bit about yourself!

How long have you lived in California? What brought you here and what keeps you here?

I was born and raised in California, as was my husband and both of our children. We consider ourselves very fortunate to call this state home.

What do you love most about California and/or your hometown?

What I love most about California is that it has always been a place of possibility. It gave my family a chance—my father came here as a teenager with almost nothing, and through hard work he built a life and a business that created opportunities for others.

Growing up here, I saw firsthand how diverse, dynamic, and forward-looking our communities are. From our innovation and entrepreneurial spirit to our commitment to inclusion and public service, California is a place where people believe they can build something better for themselves, and for the next generation. That’s what I love most, and it’s what drives me to keep fighting to make sure that promise is still within reach for every Californian.

What do you dislike the most about California and/or your hometown?

What concerns me most is that the California Dream is becoming harder to reach for too many people. The cost of housing, childcare, and everyday life has risen so dramatically that working families are being pushed out of the communities they helped build.

I’ve seen it up close how people who do everything right still struggle to stay here. That’s not the California I grew up in. We should be a place where hard work creates opportunity, not barriers. That’s why I’m so focused on affordability. If we don’t address it, we risk losing the very thing that makes California special.

Tell us about your current involvement in the community (e.g., volunteer groups, neighborhood associations, civic and professional organizations, etc.)

As Lieutenant Governor, my community involvement is grounded in public service across California. I serve on the University of California Board of Regents, the California State University Board of Trustees, and the State Lands Commission, where I work on issues ranging from higher education affordability to protecting our coast and public resources.

Beyond my official roles, I stay closely connected to communities across the state. I meet regularly with local leaders, labor organizations, small businesses, and nonprofit partners working on housing, education, and economic opportunity. Throughout my career, including my years in housing development, I’ve worked alongside community stakeholders to build neighborhoods and expand access to opportunity. For me, community involvement isn’t separate from public service; it’s fundamental.

Thank you

Thank you for giving us your time and answering our questionnaire. We look forward to reading your answers and considering your candidacy!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>