On March 12, we convened an intimate and powerful Affordable Housing Symposium in San Francisco, bringing together leaders from across the housing, finance, and policy communities for a candid, solutions‑oriented conversation about what it will take to move the needle on affordable housing in California.
Hosted generously by PGIM, the symposium was a full house with 24 attendees—an intentional size that allowed for real dialogue rather than soundbites. We were honored to be joined by State Treasurer Fiona Ma and Lieutenant Governor Eleni Kounalakis, whose engagement and openness set the tone for a rousing and substantive discussion.
The conversation went straight to the heart of the matter. Participants spoke candidly about the financial, regulatory, and delivery barriers that continue to slow affordable housing production and preservation. From the rising cost of capital and insurance to regulatory uncertainty, layering of approvals, and the challenges of delivering projects in increasingly complex local environments, there was a shared recognition that the system is not aligned with the scale or urgency of the need.
What made the discussion especially meaningful was its focus on solutions and on specific actions that would most accelerate production and preservation. Actions that could and should be taken now, not years from now. The dialogue was pragmatic, informed by real-world experience, and grounded in a shared commitment to outcomes.
We closed the symposium with a question that framed both the urgency and the opportunity ahead. Every participant was asked:
“If you could change one thing in the next 12–18 months that would meaningfully increase affordable housing production or preservation, what would it be—and what would you need to make it happen?”
The answers, from both our attendees and our honored guests, reflected the depth of expertise in the room and underscored a common theme: progress is possible if policy, financing, and implementation are better aligned. Whether focused on streamlining approvals, stabilizing funding sources, improving coordination across state agencies, or reducing delivery risk, participants were clear that targeted, near-term action could have an outsized impact.
This symposium reinforced why these kinds of smaller, high‑trust conversations matter. They create space for honesty, creativity, and partnership which is exactly what is needed if we are serious about addressing California’s housing crisis.
We are grateful to PGIM for hosting, to Treasurer Ma and Lieutenant Governor Kounalakis for their leadership, and to every participant who brought their experience and ideas to the table. The insights shared on March 12 will continue to inform our work as we advocate for policies and investments that deliver more affordable homes, faster, and where they are needed most.
Warmly and in partnership,
