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Gavin Newsom: “State driven wealth tax capital moves. And we've seen that…”

Featuring: Gavin Newsom, Democratic | Governor of California

Gavin Newsom: California's Housing Crisis Is Its Original Sin

Published May 28, 2026 | Video Starts at 14:45

Your thoughts? Speaking of taxes and tax credits, your thoughts on the wealth tax, which is getting a lot of press, you came out against it, correct? Yeah. State driven wealth tax capital moves. And we've seen that. It's not anecdotal. We've been a lot of headlines of folks that have moved outside of the state of California that are no longer taxpayers investing in this state, generating hundreds of millions … (14:45–14:53)

CLAIM

Asserts that a state-driven wealth tax causes capital to move out of California, and this is not anecdotal.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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Gavin Newsom

“A middle class family, for example, in state of Texas pays more in taxes than the state of California.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 16:49-16:57
“We've graded about 1.6 million new startups, but less than 600,000 during that time in Texas.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 17:40-17:47
“We're 18% of the globe's R and D in California.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 20:01-20:05
“California is the only state...to regulate large language models, to regulate frontier models.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 29:23-29:36
“We've created 5.5 million child savings accounts.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 35:02-35:06
“We're as dumb as we want to be for decades and decades. Simply we're not creating enough [housing].”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 00:06-00:11
“The issues of homelessness, perfect example, a byproduct of the failure to build enough housing.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 02:27-02:33
“Pushing boundaries on permitting reforms to a degree that few or no other states in the country have.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 02:53-03:00
“I put my entire reputation by putting a housing package in the budget and threatened to actually veto the budget of the state.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 03:01-03:10
“We've done a lot in the last few years [to address housing issues].”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 03:52-03:57
“We've done a massive amount of subsidies and affordable housing tax credits.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 03:52-03:57
“One of the first actions I took, I created a housing accountability unit in the state.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 04:08-04:13
“The first, one of the first acts I took as governor was suing [Huntington Beach].”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 04:28-04:33
“59% increase in the total number of housing construction since I started.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 05:31-05:36
“56% Scott reduction in the time for permitting.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 05:35-05:41
“Huntington beach, by the way, has lost their lawsuit. They're being fined because of their obstinance.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 05:44-05:50
“We've moved from a NIMBY mindset to a yimby mindset.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 05:49-05:54
“Homelessness and housing were not a focus of the state of California [in the past].”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 06:01-06:07
“We've seen almost a double-digit decrease in unsheltered homeless in the state of California.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 09:57-10:05
“The state had no homeless strategy, no homeless plan [six or seven years ago].”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 10:35-10:39
“Unprecedented mental health support, $6.38 billion.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 10:47-10:52
“We created a third strategy called Care Court, which is about supportive care, not substituted care.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 11:03-11:11
“I more than doubled [the tax credit program] to the second highest level in the United States, right below Georgia.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 13:31-13:38
“California is now back in the game in a much more significant way [due to the doubling of the tax credit].”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 14:13-14:18
“We've been a lot of headlines of folks that have moved outside of the state of California that are no longer taxpayers.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 14:52-14:58
“We grew at 40% since I've been governor. There's no jurisdiction in the United States of America whose growth rate has been more significant…”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 17:15-17:26
“We have more Fortune 500 companies than we've had in close to two decades.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 17:34-17:40
“California is the number one manufacturing state, number one state for farm.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 17:51-17:56
“27% of California is foreign born or majority minority state.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 25:14-25:19
“There is no Tesla without the regulations in California.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 25:51-25:55
“We dominate in [clean energy] space because we don't want to be dominated by China in that space.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 25:56-26:04
“18% of the world's R&D [is in California].”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 26:37-26:45
“106 billion last year of which 62% was reinvested in the state [California].”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 26:57-27:04
“We did so as it relates to transparency and safety.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 29:36-29:40
“We have five specific strategies that we've advanced that I'm not aware that any other state has advanced.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 32:51-32:57
“We're piloting employment insurance.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 33:57-34:01
“We're looking at portable benefits radically differently.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 34:15-34:18
“We have something called Secure California as it relates to retirement benefits.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 34:17-34:22
“Looking at the payroll tax system that perversely rewards the exact thing we want to avoid.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 34:25-34:34
“Looking more broadly at strategies...around universal basic capital.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 34:45-34:55
“We did the Trump accounts six years ago before Trump ever did.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 35:05-35:10
“We have a mechanism now, baby bonds.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 35:10-35:13
“We're paying what, 21% more in airfare since the war, we're paying 18% more in energy since the war.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 37:18-37:25
“We're paying 53.1% more for gasoline, $1.51 here in California, $1.55 on average across the United States.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 37:26-37:38
“Throwing out the jcpoa, I think was foolish.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 38:01-38:04
“Even Bibi is acknowledging that there's a timeline in terms of foreign aid, particularly coming from the United States.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 38:44-38:51
“We brought a field hospital to Israel and eventually got it into Gaza.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 40:41-40:46
“We provide $10,000 grants for service in return for 450 hours of service contribution.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 43:21-43:31
“$20 for fast food workers criticized hourly in the Wall Street Journal ed board. And $25 for healthcare workers.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 43:52-44:01
“20 states have $7.25 minimum wage and you and I are subsidizing those corporations with our tax dollars.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 44:05-44:13
“Created something called Calrx in the spirit of single payer financing for drug purchases. $11 insulin is an example of that.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 44:58-45:08
“We're subsidizing diapers for newborns in California.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 45:10-45:14
“I think single payer is inevitable in the United States of America.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 45:13-45:17
“10% of people owning 2/3 of the wealth. Those 10% owning 93% of the value of the stock market.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 48:31-48:37
“Unless we democratize the economy, we will lose this republic.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 50:01-50:06
“We owe it to people to own up to these trend lines and we've got to be much more aggressive and assertive.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 50:33-50:43
“AMT along the lines you suggest exercising some real stepped up basis strategies that protect farmers, that protect small businesses and…”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 50:42-50:56
“Creating these 5.5 million in accounts, I put $1.9 billion, we had a big surplus one year.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 52:36-52:43
“Creating these child savings accounts. Create a brand new grade pre K for all.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 52:42-52:47
“Every child entered into kindergarten gets own savings and career account.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 52:46-52:51
“Talk about doubling their income tax credit, creating a new foster care and child tax credit.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 52:53-52:58
“We can talk about the healthcare expansions, the work we've done on the environment, the work we've done on our jobs plans, this amazing…”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 53:03-53:12
“As a leader of the fourth largest economy in the world, I have begun to address that in much more robust ways.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 54:09-54:16
“I had to pull my daughter out of her school, and we had a... her eighth grade graduation was in our living room.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 57:23-57:32
“That was the middle of my recall at the time.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 58:07-58:10