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Where They Stand: California Treasurer Candidates on Affordable Housing
In late April 2026, our organizations sent each of the current candidates for California State Treasurer a set of questions focused on how the office affects California tenants—both current and prospective –tenants in units that operate with funding from or regulated by the California Treasurer’s office and those who will be in future.
The State Treasurer’s office holds significant influence on California’s housing system. It manages, regulates, and operates state housing bond funds and state and federal Low Income Housing Tax Credit (LIHTC) funds. LIHTC is by far the single largest source of financing for low-income housing production and rehabilitation financing in California. Californians deserve to know how these candidates will prioritize the needs of low-income tenants, especially those living in buildings where the Treasurer’s office is providing critical financing.
The stakes are clear:
- 56% of California renters are rent burdened, meaning they pay more than 30% of their income on rent.
- 79% of low income families with children are rent burdened—more than half pay over 50% of their income on housing.
- At least 187,000 people in California experience homelessness on any given night.
- California has the highest poverty rate in the nation when housing costs are factored in.
- Nearly 45,000 approved affordable units are sitting without funding right now.
Questionnaires were sent to all six candidates in the primary election as of April 25, 2026, with a response deadline of May 8, 2026. Three candidates responded. The two candidates who advanced to the November general election—Jennifer Hawks and Lieutenant Governor Eleni Kounalakis—were among those who responded. Their answers are reproduced in full and unedited below.
Questions
Jennifer Hawks: The Treasurer’s job is to make sure the dollars are working the way they are supposed to for all Californians. I am looking at every financing tool we use for housing, whether it is traditional or a newer model, and asking a very simple question. Is it sound, is it transparent, and is it actually delivering results. If it is not creating stable long term affordability, it is just not going to fly.
Lieutenant Governor Eleni Kounalakis: As State Treasurer, I see a clear role in helping scale innovative, permanently affordable housing solutions—including social housing and community ownership models like community land trusts. The Treasurer oversees critical financing tools—bonds, tax credits, and investment strategies—that can be used to lower the cost of capital and make these models viable at scale.
I support expanding the use of public financing and public land to deliver permanently affordable housing, especially in high-cost regions. I would also work to align the state’s investment strategies, including where appropriate our pension fund investments, with long-term housing solutions that generate both stable returns and public benefit. Just as importantly, I believe these efforts must be done in partnership with local governments, labor, and mission-driven developers to ensure projects reflect community needs and are built with strong labor standards.
Jennifer Hawks: People need to be able to understand and take part in these decisions. That means clear communication, real outreach through trusted community organizations, and making sure language is not a barrier for anyone wanting to be engaged and informed. Input should be easy to give, and it should actually count to those in charge. If people are taking the time to speak up, we should be listening.
Lieutenant Governor Eleni Kounalakis: Effective community and tenant engagement starts with meeting people where they are and making participation accessible and consistent. As Treasurer, I will partner with community-based organizations, tenant groups, and local governments that have trusted relationships on the ground to ensure outreach reaches low-income and non-English-speaking communities.
That includes providing materials in multiple languages, offering interpretation at public meetings, and creating multiple ways to participate—whether in person, online, or through community partners. Engagement must also be built into decision-making. Across all Treasurer programs, I will promote clear expectations for early and ongoing stakeholder input and ensure that feedback is reflected in outcomes.
Finally, I will prioritize transparency by creating a clear, user-friendly public dashboard so Californians can track how investments are made, who benefits, and how community input is shaping decisions.
Jennifer Hawks: When it comes to LIHTC properties, the focus is on whether these programs are doing what they were designed to do. Creating stable, affordable housing and being managed responsibly. I am going to expect transparency and accountability, and I want to see real outcomes for tenants. That is the standard.
Lieutenant Governor Eleni Kounalakis: I recognize that while the Low-Income Housing Tax Credit (LIHTC) program is one of our most important tools for financing affordable housing, it does not always result in true affordability for the lowest-income Californians. As Treasurer, I would work to strengthen the program so that it better serves those most in need.
Through my role on the California Tax Credit Allocation Committee, I would prioritize allocation criteria that incentivize deeper affordability and reduce rent burdens. I also support layering LIHTC with additional subsidies—such as project-based vouchers or state rental assistance—to ensure tenants are not paying more than 30% of their income toward rent. We have to be intentional about making sure these developments are not just built, but truly affordable.
Jennifer Hawks: With LIHTC and bond financed housing, it comes down to using these tools wisely. Not just pushing projects through, but making sure they are sustainable, well run, and truly serving the people they are meant to serve long term. If we are putting resources into something, it needs to hold up over time.
Lieutenant Governor Eleni Kounalakis: I recognize that while the Low-Income Housing Tax Credit (LIHTC) program is one of our most important tools for financing affordable housing, it does not always result in true affordability for the lowest-income Californians. As Treasurer, I would work to strengthen the program so that it better serves those most in need.
Through my role on the California Tax Credit Allocation Committee, I would prioritize allocation criteria that incentivize deeper affordability and reduce rent burdens. I also support layering LIHTC with additional subsidies—such as project-based vouchers or state rental assistance—to ensure tenants are not paying more than 30% of their income toward rent. We have to be intentional about making sure these developments are not just built, but truly affordable.
Jennifer Hawks: Fair housing is about consistency and clarity. The rules should be applied evenly, access should be equal, and there should be no confusion about how decisions are made. That is how you build trust.
Lieutenant Governor Eleni Kounalakis: The Treasurer plays a key role in advancing fair housing by shaping how public financing is allocated. Through programs like TCAC and CDLAC, the office influences where housing is built, who it serves, and the standards it must meet. As Treasurer, I will prioritize investments that prevent displacement and keep people in their communities—supporting preservation of existing affordable housing, protecting tenants, and directing resources to communities at greatest risk of displacement.
I will also ensure that housing investments expand access to opportunity while addressing historic inequities, and that public dollars are used in ways that promote long-term affordability and stability. I am a strong advocate for transparency in government and will apply that principle to programs administered by the STO, so that Californians can see how investments are advancing fair housing and protecting vulnerable communities.
Jennifer Hawks: On CTCAC policies and tenant complaints, there needs to be a process people can rely on. Clear, consistent, and followed through. Concerns should not sit unresolved. If there is an issue, it needs to be addressed properly.
Lieutenant Governor Eleni Kounalakis: The Treasurer oversees CTCAC’s compliance framework and has a responsibility to ensure LIHTC properties meet federal and state requirements. Through the Qualified Allocation Plan (QAP) and compliance monitoring, the office can strengthen standards and enforcement.
As Treasurer, I will ensure clear, accessible complaint processes for tenants, require timely investigation and resolution of habitability issues, and strengthen oversight of rent and utility allowance calculations to ensure compliance.
I will also prioritize better data tracking and reporting on complaints and outcomes to identify patterns of noncompliance and take corrective action when needed. Public financing must come with accountability—safe, habitable housing and full compliance with tenant protections.
Jennifer Hawks: Housing is a basic need. The state has a responsibility to make it more accessible and more affordable, while also making sure these programs are run the right way and not abused. It is not enough to spend money. You have to make sure it is making a difference in the right places to truly benefit the community.
Lieutenant Governor Eleni Kounalakis: I believe housing is fundamental to economic stability, health, and opportunity—and that government has a responsibility to ensure people can access safe, stable, and affordable housing. For decades, California has underbuilt relative to population and job growth, driving up costs and pushing families out of their communities. Addressing that requires both a clear commitment to affordability and a practical approach to delivering housing at scale.
I bring nearly two decades of experience as a housing developer, along with my work as Lieutenant Governor, where I helped approve over 60,000 new student housing beds. I understand how financing, land use, and public policy intersect—and how to move projects from concept to completion.
As Treasurer, my focus will be on using the state’s financing tools to expand affordable housing, preserve existing units, and lower the cost of building—because ensuring access to housing requires both strong public investment and the ability to deliver results.
Jennifer Hawks: Transparency matters across the board. People should be able to understand how these projects work and how they affect them without digging through layers of complexity. We can make information more accessible and still be responsible about privacy.
At the end of the day, my focus is on making sure these programs are accountable, sustainable, and actually delivering for the people they are supposed to help. That is what this role is about.
Lieutenant Governor Eleni Kounalakis: The Treasurer plays an important role in promoting transparency and accountability for projects receiving public financing. Through CTCAC’s policies and compliance framework, the office can help improve how project-level information is shared with tenants and the public.
As Treasurer, I would look for opportunities to make key information—such as income limits, utility allowances, and tenant policies—more accessible and easier to understand, including in multiple languages where possible. Tenants should have a clear understanding of their rights and how their housing costs are determined.
I would also support efforts to improve public reporting, including more user-friendly, centralized access to project-level information, so tenants, advocates, and the public can better understand how these programs are operating.