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Gavin Newsom: “We've created 5.5 million child savings accounts.”

Featuring: Gavin Newsom, Democratic | Governor of California

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

Published May 28, 2026 | Video Starts at 35:02

Looking at wealth, sovereign wealth funds, I years ago talked about a data dividend, worked with the Bergurin Institute. We struggle with that. But We've created 5.5 million child savings accounts. We did the Trump accounts six years ago before Trump ever did. We have a mechanism now, baby bonds. We have as well for years and years how we can use those accounts to create an ownership construct. (35:02–35:06)

CLAIM

Asserts that 5.5 million child savings accounts have been created.

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'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
“State driven wealth tax capital moves. And we've seen that. It's not anecdotal.”
Gavin Newsom: California's Housing Crisis Is Its Original Sin | Uploaded May 28, 2026 | 14:45-14:53
“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