California’s June 2026 primary validated the thesis Mahan had been building since January. Voters defeated San Francisco’s “Overpaid CEO Tax” — a measure that would have hit grocers and fast-food chains, not tech CEOs. The progressive machine fractured. A statewide “Billionaire Tax” heads to November’s ballot, but the primary signaled voters want governing competence over ideological performance. The builder-class bet is holding.
Jun 30, 2026 · 10 min