California Lieutenant Governor Ends Campaign to Succeed Newsom

California Lieutenant Governor Eleni Kounalakis has dropped her campaign for governor and will instead run for state treasurer next year.

Kounalakis, a Democrat, said in a statement on social media that she thinks she can “make the greatest impact” by focusing on California’s finances, with an agenda that includes boosting housing affordability.

“As state treasurer, I will bring a deep commitment to fiscal responsibility, economic opportunity and strategic investment in our state’s priorities — from affordable housing and clean energy to infrastructure and education,” Kounalakis said.

Eleni Kounalakis

Photographer: Allen J. Schaben/Los Angeles Times/Getty Images

The lieutenant governor’s exit marks the second recent development in the race to ...