This article takes a look at the race for California’s next state treasurer. The treasurer steers state financing, the Pooled Money Investment Account, and oversees CalPERS and CalSTRS.
With Fiona Ma term-limited, six candidates are competing to control billions of dollars for infrastructure, housing, schools, and hospitals. They’ll have to navigate a budget gap that’s been reported anywhere from $2.9 billion to $18 billion.
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For Marin County folks—from San Rafael and Novato to Mill Valley, Sausalito, and Larkspur—the results could shape housing finance, transportation funding, and local projects across the North Bay.
What’s at stake for Marin County and the broader state
The treasurer’s job isn’t just a Wall Street-style portfolio. It means managing public funds, making strategic investments, and holding a seat on boards that commit to pensions, schools, and critical infrastructure.
In Marin County, towns like San Anselmo and Fairfax are pushing for affordable housing and climate-smart infrastructure. The treasurer’s decisions on debt, bonds, and investment risk can speed up—or slow down—local projects, from Marin City’s housing efforts to Highway 101 upgrades through San Rafael.
Anna Caballero
Former Salinas mayor and longtime legislator Anna Caballero wants to cut red tape in housing finance. She’s prioritizing bond funding for veterans and farmworkers.
She’s also talking about expanding community health services, which could affect clinics in Novato and San Rafael. Caballero frames her plan around streamlining housing development while still protecting essential public services in cities from Corte Madera to Tiburon.
In Marin, Caballero’s focus on efficient housing finance could help move projects forward that fit local housing strategies and countywide health goals.
Eleni Kounalakis
Eleni Kounalakis, the current lieutenant governor and a former U.S. ambassador to Hungary, pitches herself as a steward of fiscal responsibility with a strong equity streak. She wants investments that match California’s values and policies that lift up underserved communities—a message that resonates from Sausalito’s waterfront to the hills of Fairfax.
Kounalakis leads fundraising with about $4.1 million and counts endorsements from Gov. Gavin Newsom and labor and education unions. If she wins, Marin’s public schools and transportation—like transit connecting Mill Valley to Larkspur—could see more climate-resilient infrastructure and education funding.
Antonio “Tony” Vazquez
Antonio Vazquez, a Board of Equalization member and former Santa Monica councilman, focuses on smart investment in affordable housing, education, and local infrastructure. He wants targeted spending for projects with measurable community benefits.
This could help Marin’s cities push forward affordable housing and infrastructure upgrades, like water efficiency in Marin City or street improvements in San Rafael. Vazquez’s approach is practical and locally grounded, emphasizing accountability and neighborhood-focused results.
Jennifer Hawks
Jennifer Hawks, a conservative activist from Palo Alto, calls for strict budget scrutiny and audits. She aims to root out inefficiencies and cut down on fraud.
Her approach appeals to voters who want tighter controls and transparency, especially in programs that affect local services. That’s a big deal for Marin’s public clinics and transportation subsidies for bus and ferry routes.
David Serpa
David Serpa, a Marine veteran and real estate agent, is running as a Christian nationalist. He promises to reduce “unproductive debt” and shift funds to core infrastructure.
His platform emphasizes debt restraint and a focus on traditional priorities. That could influence how California handles debt for big projects in the North Bay.
Some voters might like his tight-fisted approach, but it raises questions about balancing debt reduction with the need to modernize housing and transportation across Marin.
Glenn Turner
Glenn Turner, an Oakland activist, champions public banks, worker-owned businesses, and divestment from defense and fossil fuels. He’s focused on homelessness and mental health.
Turner’s ideas target the deeper issues around housing insecurity and community well-being, which connects with Marin’s own efforts to tackle homelessness and expand mental health services from Sausalito to Ross.
His push for new financial models could spark fresh conversations about how California funds social programs and supports innovative community finance. Maybe that even shapes Marin County’s future collaboration with the state on public banking or pension divestment.
What this means for Marin residents
Whoever ends up winning the treasurer’s seat, Marin County will keep a close eye on how state investment choices play out. Folks are hoping for quicker housing finance, smarter infrastructure bonds, and stronger public services—no small feat.
In places like San Rafael, Novato, Mill Valley, and Sausalito, this could actually mean more streamlined permits for affordable housing. Maybe we’ll see better funding for schools and clinics, too.
There’s also talk about improvements to roads and transit, which might help with those brutal commutes to San Francisco and the East Bay. It’s all about whether the next treasurer can walk that line: bold investments, but also smart budgeting. Here’s hoping the North Bay keeps moving forward.
Here is the source article for this story: Your guide to California’s State Treasurer primary race
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