California at a Crossroads: Ethan Penner on Gavin Newsom, Trump, Reform, and Rebuilding the State

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 everLead-Lag Live brings you inside conversations with the financial thinkers who shape markets. Subscribe for interviews that go deeper than the noise. Sign up to The Lead-Lag Report on Substack and get 30% off the annual subscription today by visiting http://theleadlag.report/leadlaglive. Support the show