THE BUZZ: If you can’t beat ‘em — just start way, way earlier

State Treasurer Fiona Ma on Wednesday announced her bid for lieutenant governor in 2026, taking a page out of current Lt. Gov. Eleni Kounalakis’ book and launching her campaign well ahead of the traditional timeline. In 2019, Ma had expressed interest in running for governor, along with Kounalakis and former State Controller Betty Yee, but has since shifted her sights to the second-in-command gig.

Ma’s head start gives her a leg up in securing donations and building name ID, but it also makes her the first of more than a dozen of potential candidates to enter the race.

When it comes to planning one’s political trajectory, flexibility is key. It’s not unusual for lawmakers to keep several active campaign accounts for various posts as they progress along their chosen paths. In addition to Ma, more than 20 other current or former state officials have open accounts for lieutenant governor. An open account shouldn’t be taken as a surefire sign that a candidate is running, but it does give a good indication of who is keeping their options open — and where they’re parking their money.

Senate President Pro Tem Toni Atkins, for instance, reported more than $1.2 million in her 2026 lieutenant governor account at the end of last year. Atkins has been coy about her next steps after she terms out in 2024, telling us earlier this year that she’s mostly interested in being a backup singer for Dolly Parton (We’re certainly not opposed.). In a statement Wednesday, the pro tem again demurred, saying she’s open to exploring opportunities that may arise in the future, but for now, is “laser-focused on leading the Senate.”

Embattled Los Angeles City Councilmember Kevin de León has a robust $3 million in his 2026 lieutenant governor account, even as he considers running for reelection in his downtown district. Assembly Speaker Anthony Rendon also had an LG account up until February, when he terminated the committee and transferred just over $2,500 to a 2026 treasurer account. It has since reported tens of thousands of dollars in contributions, including ones filed as recently as last week.

Ma, for what it’s worth, has $3.5 million across all her accounts, according to her campaign. Others keeping the LG option open include former legislators Frank Bigelow, Autumn Burke, Ian Calderon, Jordan Cunningham, Chad Mayes and Melissa Melendez. Also on the list are Mike Gatto; Reps. Robert Garcia and Jimmy Gomez; former State Treasurer Bill Lockyer; Insurance Commissioner Ricardo Lara; as well as current legislators Bill Dodd, Brian Dahle, Steven Bradford, Susan Eggman, Steve Glazer, Brian Jones. Reggie Jones-Saywer, Josh Newman, Patrick O’Donnell and Scott Wilk.

BUENOS DÍAS, good Thursday morning. Happy Pride Month! After a long day in the Capitol on Wednesday, lawmakers are back on the floor this morning as they approach the deadline to pass bills out of their houses of origin. They’re expected to go late again this evening.

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WHERE’S GAVIN? Nothing official announced.

QUOTE OF THE DAY: “I learned a lot while in office, including that how people feel often matters more than data and facts.” Chesa Boudin on why he won’t run again in 2024.

WE’RE HIRING — POLITICO is embarking on an exciting expansion in the Golden State and looking for another journalist to join our growing team as a California Playbook author. More in the job description here.

— “Homeless people fight to save lives, and stay alive, as L.A.'s fentanyl crisis worsens,” by the Los Angeles Times’ Ruben Vives: “On Skid Row, it’s a day-to-day crisis. It’s visible,” said Shoshanna Scholar, director of the harm reduction division at the Los Angeles County Health Services Department. “But it’s really a problem across the entire county.”

— “State Farm won’t write new home policies in California. What’s next?” by the San Francisco Chronicle’s Claire Hao and Carolyn Said: “Some insurance advocates say the news is not as catastrophic as it may appear, noting that there are more than 100 other insurers still doing business in the state, although at least two others, AIG and Chubb, which both cater to high-end homes, have made similar moves this year.”

FIRST IN PLAYBOOK: GONZALEZ GETS IN — The chair of the Los Angeles Democratic Party is hoping to make his way up to Sacramento. Mark Gonzalez, elected to lead the county party in 2017, is looking to succeed his boss, Assemblymember Miguel Santiago, who earlier this year launched a campaign to unseat Kevin de León on the L.A. City Council. For years, Gonzalez has served as district director for Assembly District 54, and now enters the race with a slate of endorsements from lawmakers, including Santiago, Rep. Jimmy Gomez and former Assembly Speaker John Pérez.

— “Tax on short-term rentals like Airbnb could fund California affordable housing,” by CalMatters’ Alexei Koseff: “Senate Bill 584 by state Sen. Monique Limón, a Santa Barbara Democrat, would impose a 15 percent tax on short-term rentals — the homes and rooms that owners rent out like hotels for 30 days or less at a time — starting in 2025. This statewide surcharge, an addition to the local transient occupancy taxes that most communities already require, could generate an estimated $150 million annually to build or rehabilitate low- and middle-income housing.”

— “PG&E’s last pending criminal trial for California wildfires ends,” by the San Francisco Chronicle’s Julie Johnson: “The deal closes out the last pending criminal case against PG&E stemming from major wildfires, capping a years-long battle with destructive and deadly fires ignited by PG&E power lines that drove the utility to seek bankruptcy protection from billion-dollar liabilities and left communities across Northern California in ashes.”

— “L.A. city attorney wins $5M settlement from biggest U.S. ghost gun manufacturer,” by The Orange County Register’s Linh Tat: “The settlement includes $5 million in payouts, according to City Attorney Hydee Feldstein Soto’s office, which made the announcement Tuesday, May 30. That includes $4 million in civil penalties to be paid by the gun manufacturer, Polymer80, and $1 million in civil penalties leveled against the company’s two founders, Feldstein Soto’s office said.”

— “Health care coalition jockeys over Medi-Cal spending, eyes ballot initiative,” by California Healthline’s Angela Hart and Samantha Young: “The Coalition to Protect Access to Care, which includes groups representing doctors, hospitals, insurance companies and clinics, is lobbying Gov. Gavin Newsom and his fellow Democratic lawmakers on allocating proceeds from a tax on health insurance companies. The governor earlier this month proposed to spend nearly $820 million from renewing the Managed Care Organization, or MCO, tax to boost Medi-Cal reimbursement rates and divert $8.3 billion to the state general fund, leaving $10.3 billion up for grabs.”

— “WGA blasts studio executive pay in message to Comcast, Netflix shareholders,” by the Los Angeles Times’ Anousha Sakoui and Wendy Lee.

— “Delta Air Lines hit with lawsuit over claims of carbon neutrality,” by The Associated Press’ Ed Davey.

— “S.F. wasn’t the only city to see an exodus. These maps show the most detailed info on where people are moving,” by the San Francisco Chronicle’s Nami Sumida.

University of Southern California’s Monica Millman … Google’s Sasha Moss

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