Episode 426: Newsom’s On-Again, Off-Again Wall Street Romance

In his annual State of the State address, Governor Gavin Newsom blamed “private equity firms in Manhattan” for the state’s housing crisis, and then credited the rise in tech stocks with saving the state budget. In other news: Julie Su is now New York City’s problem, State Senator Scott Wiener wants San Francisco to confiscate Pacific Gas & Electric because the city has done so well with the open-air drug trade, and California AG Rob Bonta is on a losing streak in federal court. Bonus! Finance analyst Marc Joffe joins to discuss the political role of Service Employees International Union beyond its 2026 wealth tax. Music by Metalachi.

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Show Notes

• Newsom overcomes unease, dyslexia to deliver a sterling State of the State address
• Gavin Newsom calls for California to limit home buying by large investors
• New California Rent Laws Going Into Effect in 2026
• AI windfall helps California narrow projected $3-billion budget deficit
• Newsom Vows to Stop Proposed Billionaire Tax in California
• Garry Tan on X
• Mamdani Picks Rafael Espinal to Lead New York’s Film Office
• California Should Stop Forcing Drivers to Subsidize Deforestation
• How would San Francisco take over PG&E assets?
• California Drops Lawsuit Over $4 Billion Federal Cut to High-Speed Rail Project
• Halted: Federal Judge Blocks Enforcement of California’s Newly Enacted Labor Law
• Ninth Circuit strikes down California urban open-carry ban

Marc Joffe on SEIU

• The Union that May Have Broken California
• What to Do with California’s Billionaire Tax Proceeds

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