Real estate expert brands California billionaires tax a 'bad deal'

June 18, 2026 - 19:28

A prominent California real estate figure is speaking out against a new ballot measure that would impose a special tax on the state's wealthiest residents. Josh Altman, co-owner of the Altman Brothers Real Estate firm, appeared on a business news program to voice his strong opposition to the initiative, which recently qualified for the state's ballot.

Altman argued that the proposed tax, aimed at individuals with a net worth exceeding one billion dollars, would have severe unintended consequences for the broader economy. He described the plan as a "bad deal" for California, warning that it would likely drive more wealthy individuals and businesses out of the state. "When you target the top earners and job creators, you are not just taxing them," Altman said. "You are taxing the thousands of people they employ and the communities that rely on their spending and investment."

The real estate expert pointed to the state's already high cost of living and burdensome regulatory environment as factors pushing capital away. He suggested that instead of creating new taxes, lawmakers should focus on fiscal responsibility and making California more attractive for business retention. Altman's comments come as the state grapples with a significant budget deficit and ongoing debates over housing affordability and homelessness. While proponents of the tax argue it is a necessary step to fund social programs and close the wealth gap, critics like Altman contend it will ultimately shrink the tax base and worsen the very problems it aims to solve.