D. Michael Van Konynenburg, the newly appointed CEO of Eastdil Secured, has donated $50,000 to an independent expenditure committee supporting San Jose Mayor Matt Mahan’s campaign for governor of California.
Real Estate Influence in the Race
Van Konynenburg, based in Santa Monica, joins a growing list of Los Angeles real estate executives providing financial backing to Mahan. Among the most prominent is billionaire developer Rick Caruso, who has contributed approximately $1.6 million to his choice for governor after opting not to run himself.
Other industry figures supporting the campaign include Jordan Kaplan of Douglas Emmett and Victor Coleman of Hudson Pacific Properties. Additional donations, ranging from $10,000 to the individual cap of roughly $78,400, have come from Related California’s Bill Witte, Kilroy Realty’s Angela Aman, and broker Jason Oppenheim.
Fundraising Power vs. Voter Support
Despite dominating in fundraising, Mahan has struggled to translate financial momentum into electoral gains. He currently polls in the low single digits, a trend that has persisted since his late entry into a crowded field of candidates.
The campaign saw a bump in contributions following the exit of U.S. Rep. Eric Swalwell, who left the race amid allegations of misconduct and sexual assault. However, this shift in funding has not significantly improved Mahan’s standing with voters.
The Competitive Landscape
Mahan continues to trail several Republican and Democratic rivals in the polls. These include Fox News host Steve Hilton, former Riverside County Sheriff Chad Bianco, and former Health and Human Services Secretary Xavier Beccara.
Other candidates polling ahead of Mahan include hedge fund founder Tom Steyer and former Rep. Katie Porter. While independent expenditure committees allow for unlimited sums from donors, the candidate’s direct fundraising remains subject to individual caps.
Potential Path Forward
As the race progresses, Mahan may attempt to leverage his significant financial reserves to increase his visibility and move beyond the low single digits in polling. The continued support from the Los Angeles real estate community could provide the resources necessary for a more aggressive outreach strategy.
However, since several rivals are already polling better, Mahan’s path to victory may depend on whether his fundraising dominance can eventually convert into genuine voter support. A possible next step could involve a shift in campaign messaging to better appeal to the general public.
Frequently Asked Questions
How much did the Eastdil Secured CEO donate to Matt Mahan?
D. Michael Van Konynenburg donated $50,000 to an independent expenditure committee supporting Matt Mahan.
Who are some of the other real estate executives backing Mahan?
Key backers include billionaire developer Rick Caruso, who donated about $1.6 million, as well as Jordan Kaplan, Victor Coleman, Angela Aman, Jason Oppenheim, and Bill Witte.
How is Matt Mahan currently performing in the polls?
Mahan is generally polling in the low single digits and trails several rivals, including Steve Hilton, Chad Bianco, Xavier Beccara, Tom Steyer, and Katie Porter.
Can massive financial backing from industry leaders ever truly compensate for a lack of early polling momentum in a crowded political race?
