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California business owners need the confidence and ability to reinvest in the state’s economy, according to real estate mogul Mauricio Umansky, who argued that “bringing business back to California is critical” as voters weigh competing visions for the state’s future.
The Agency founder and CEO joined FOX Business’ Stuart Varney on “Varney & Co.” to discuss the Golden State’s economic challenges and the 2026 gubernatorial race between Democrat Xavier Becerra and Republican Steve Hilton.
Affordability and the business climate have become major issues in California, where high housing costs continue to put pressure on residents and businesses. Research from the Public Policy Institute of California has also found that company headquarters leaving the state often relocate to places with lower taxes and less regulation.
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“You know, I think what matters is… creating affordable housing. I think that’s critical in our world and that keeps the economy growing. I think bringing business back to California is critical. And that’s really what we need to focus on right now,” Umansky said.
Hilton has campaigned on cutting taxes and regulations, while Becerra has proposed declaring the housing shortage a state of emergency and directing state agencies to prioritize housing production and affordability if elected governor.
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Umansky said business owners need greater confidence that they will be able to reinvest in California and its economy, while acknowledging that changes would take time.
“None of this stuff gets fixed overnight, right? But we need to start taking baby steps,” he said.
The real estate executive also raised concerns about policies presented by Los Angeles mayoral candidate Nithya Raman, a member of the Democratic Socialists of America, saying he believes her policies could make it more difficult for businesses to invest in California.
“As a business owner… I’m concerned about the policies that she’ll [Nithya Raman] put into effect and will bring on to us. I mean… Enough is enough. We need to start… Motivating people. It’s enough time to just start giving free rides to everybody… That’s not a good thing for any business owner. I am concerned about her policies and… Making it harder to invest and reinvesting in a state that I absolutely love,” Umansky said.
