Where the money is coming from in the California governor’s race

from Jeanne Kuang and Jeremiah KimmelmanCalMatters

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Campaign donations are both a measure of public support and a sign of which special interest candidates believe they can influence. CalMatters analyzes campaign finance data in the California gubernatorial race. Here are five takeaways about where money comes from and where it goes.

Foreign money breaks records

This is a record election for spending by corporations and special interest groups trying to influence who becomes the next governor.

Outside groups, which unlike candidates can receive unlimited donations, reported spending $79 million so far — more than double the amount spent in November 2018, when Gavin Newsom won his first term.

Billionaire Tom Steyer is the biggest target: A political spending committee called California Not for Sale, funded by the state association of Realtors, the California Chamber of Commerce, Pacific Gas & Electric and the state’s electrical workers union, has poured $32 million into ads against him.

Steyer has promised to reduce electricity bills by challenging PG&E’s monopoly in much of Northern California. He also vowed to pursue a ballot measure that would raise revenue for public services by requiring more accurate property tax assessments for business properties, a move that could upend the commercial real estate market.

Some of the same groups spending against Steyer are running ads for Xavier Becerra. Those groups — along with organizations representing doctors, contractors and several labor unions — have spent $13 million through PACs to boost Becerra.

Chevron, McDonald’s, dialysis giant DaVita and one of the state’s largest oil drillers, California Resources Corp., have funded one of the largest pro-Becerra groups, each contributing $500,000. Meta and AirBnB have put up about $1 million each, and health insurer Centene, which operates California-based HealthNet, has put up $100,000.

Steyer revels in the spending spree against him, pointing to it as evidence that he would oppose utilities and big business. A climate activist, Steyer highlighted Becerra’s support from Chevron.

The progressive unions California Nurses Association and United Domestic Workers have spent a relatively modest $1.4 million on mail and digital media supporting Steyer. Outside groups have also spent $1.8 million against GOP front-runner Steve Hilton, a former Fox News host and British political strategist.