President Tom Magnussen and Vice President Sarahann Shapiro represented BOMA California at yesterday's California Business Properties Association (CBPA) Board Meeting and PAC Fundraiser Reception. Leaders from across of the office, retail, and industrial real estate industry gathered to discuss legislative and regulatory priorities, strategize on future political activities, conduct association business, and set the direction for the future of CBPA. BOMA California Past President Rob Cord was voted in as Chair of CBPA.

Assemblymembers Jacqui Irwin (D-Thousand Oaks), Blanca Rubio (D-Baldwin Park), and Rick Chavez Zbur (D-Santa Monica) were in attendance to show support for our industry. Yesterday was not only an ideal opportunity to connect with legislators and leaders across our industry, but a critical tool to raise funds to advance the interests of commercial real estate.

Governor Newsom released an updated budget proposal today which sets in motion the plan for the Legislature to negotiate and tweak before the June 15 deadline for the budget to be passed. The current budget projections show a $31.5 billion deficit, which is nearly $9 billion more than projected in the Governor’s initial January budget which projected a $22.5 billion shortfall. A summary of the most important portions of the Governor’s May Revise can be found here.