In this episode of Lead-Lag Live, I sit down with Ethan Penner — independent candidate for California governor and a trailblazer in U.S. commercial real-estate finance — to break down what he calls the “collapse of competent governance” in California.

From a radical tax overhaul to fixing housing and energy costs, Penner outlines how he’d reverse decades of political decay — and why he believes Gavin Newsom’s policies have left the state weaker, poorer, and more divided.

In this episode:
– Why Penner says there’s “absolutely nothing” worth continuing from Newsom’s tenure
– How a single-tax system could revitalize California’s economy
– The real drivers of the housing and affordability crisis
– How bureaucratic red tape adds $100K+ to every new apartment build
– Why leadership grounded in empathy and business discipline matters now more than ever

Lead-Lag Live brings you inside conversations with the financial thinkers who shape markets. Subscribe for interviews that go deeper than the noise.

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