Sergey Brin backs new California housing effort as wealth tax looms

Sergey Brin donated $20 million to Building a Better California, a new nonprofit focused on housing affordability; the group disclosed other contributions and has funded two ballot initiative drives. It has not taken a position on a proposed 5% billionaire asset tax that could seek the November ballot.

Sergey Brin donated $20 million to a newly formed nonprofit called Building a Better California. The group says it will focus on long-term state policies related to affordability and livability. The contribution and others were disclosed to California regulators. The filing shows the group has already spent on ballot initiative drives tied to housing costs. Known details: - The disclosure shows Brin gave $20 million and that eight other executives and founders contributed about $15 million in total, including $2 million each from Eric Schmidt and Michael Moritz. - Building a Better California reported spending $11 million in January to support two ballot measure efforts, including $6 million for a down-payment assistance measure and $5 million for an initiative to reform a landmark state environmental law that can affect construction timelines. - The group has not taken an official position on a proposed 5% billionaire asset tax that has been circulated by a California healthcare union. - The proposed asset tax would need about 875,000 valid voter signatures to qualify for the November ballot; supporters say it could raise roughly $100 billion if enacted. Summary: This donation is among the largest public contributions tied to California housing policy and was disclosed as debate continues over a proposed billionaire asset tax. The tax initiative must clear the signature requirement to reach the ballot; other procedural and political developments are undetermined at this time.