Jane Kim Wins Insurance Race as Voters Reject Prop 40 Wealth Tax

California's November 2026 election results are reshaping state insurance regulation, tax policy, and Bay Area municipal leadership. Former San Francisco Supervisor Jane Kim captured the race for California Insurance Commissioner on a pledge to reform wildfire coverage, while voters statewide turned back a proposed billionaire wealth tax and backed Mayor Daniel Lurie's slate in San Francisco.

Jane Kim Declares Victory in Insurance Commissioner Race

Former San Francisco Supervisor Jane Kim declared victory in the race for California Insurance Commissioner, defeating state Sen. Ben Allen in the November 2026 general election. Kim held a 53% to 47% lead across statewide returns as she prepares to succeed term-limited Commissioner Ricardo Lara.

Running on a consumer-advocacy platform, Kim vowed to overhaul how the Department of Insurance regulates home insurance non-renewals and rate hikes in wildfire-prone communities. She also pledged to require insurers to offer guaranteed discounts to homeowners who complete verified wildfire-hardening upgrades and defensible-space clearing.

Voters Reject Prop 40 Billionaire Tax and Approve Rival Prop 42

On the statewide ballot, early returns showed voters rejecting Proposition 40 while backing rival business-sponsored Proposition 42. Proposition 40, which sought a 1.5% annual tax on net worth above $1 billion to fund public schools and health care, trailed with 42% yes votes to 58% no.

Meanwhile, Proposition 42—a competing constitutional amendment tightening voter approval requirements for new state wealth and unrealized capital-gains taxes—led with 54% support. Tech executives and business groups spent more than $85 million campaigning against Proposition 40, arguing the 1.5% levy would drive entrepreneurs and tax revenue out of California.

Mayor Lurie's Endorsed Slate Leads Across San Francisco Districts

In local San Francisco contests, candidates and ballot propositions endorsed by Mayor Daniel Lurie surged to early leads across Tuesday night's municipal election returns. Moderate Board of Supervisors candidates backed by Lurie's political coalition led in District 2, District 4, and District 8, positioning the mayor to hold a working majority at City Hall.

Voters also favored Lurie-backed measures to modernize city commission oversight and stabilize Muni transit funding, while rejecting a measure that would have restricted market-rate housing development. In statewide balloting reported alongside the local returns, former U.S. Health and Human Services Secretary Xavier Becerra led Republican Chad Bianco by 61.1% to 33.4% in early gubernatorial returns.