South Bay

Ro Khanna is co-sponsoring a Sanders wealth tax that would hit unrealized gains on illiquid assets — a policy his own Silicon Valley district, home to roughly a third of U.S. market cap, would absorb hardest. Meanwhile, San Jose Mayor Matt Mahan is emerging as the South Bay's most consequential builder-class politician, having already flipped his city from zero market-rate housing starts to 2,000 in a single year — and now running for governor on a platform of cutting waste before raising taxes.