California State Controller Malia Cohen promises transparency. She oversees taxpayer dollars in the world’s fourth-largest economy. Let’s bring some sunshine to how she handles your money.
Malia Cohen is California’s State Controller, in office since January 2, 2023. A Democrat from San Francisco, she previously represented District 10 on the city’s Board of Supervisors and District 2 on the California State Board of Equalization. Her current job includes auditing state spending, overseeing payments and administering unclaimed property. [2][7][5][1]
Read her full biography What accounting and financial experience does she bring to the job? →
California allocated nearly $24 billion to housing and homelessness from 2018–19 through 2022–23. The 2024 State Auditor review found gaps in the information needed to judge whether major programs worked. [2]
See the spending and audit recordMalia Cohen campaigned in 2022 on scrutinizing homelessness spending. By October 2026, her office reported that it had done no homelessness audits. Her explanation: the state denied funding for broader audit work. [3]
Read the timeline at a glance ↓“I am going to keep people accountable”
No homelessness audits.
Running for California state controller in 2022, Malia Cohen told CalMatters she wanted to scrutinize homelessness spending. She also named the Employment Development Department and the DMV. [1]
The test is practical: did the spending help people find and keep a home? Cohen put that question on her campaign agenda.
Voters can check that commitment against the homelessness audits her office completed.
CalMatters · May 2, 2022Three programs received more than $9.4 billion in funding since 2020. In its April 2024 review, the State Auditor could not determine whether they were cost-effective because their outcome data was inadequate. [2]
In the encampment program, four of ten grant recipients reviewed had incomplete or unusable results as of July 2023. Fields for the number of people permanently housed were left blank or marked “data not collected.”
Cal ICH accepted the recommendations. The separate State Auditor produced this review. It was not an audit by Cohen’s office.
California State Auditor · April 9, 2024Cohen said her office had asked the state for audit funding and been turned down. Her office clarified that the request covered high-risk audits generally. It did not specifically name homelessness. [3]
California counted 151,278 people experiencing homelessness in 2019. The figure reached 187,084 in 2024, then fell to 181,934 in 2025. That decline matters. The 2025 count was still about 20% above 2019.
These are estimates from a single-night count of sheltered and unsheltered people. COVID-19 disrupted the 2021 unsheltered count. [4–6]
The 2022 budget record shows billions committed across several years. The largest annual amount in this series was $8.973 billion in 2021–22.
Selected funding increases recorded by the Legislative Analyst’s Office in 2022. Includes housing programs and all fund sources. Amounts approved, rather than bills paid. *The 2023–24 bar covers commitments made in the 2022–23 budget. [7]
A later LAO report put broader housing and homelessness funding at about $37 billion for 2019–20 through 2024–25. [8]
Download homelessness estimates (CSV) · Download allocation figures (CSV)
| Year | People |
|---|---|
| 2019 | 151,278 |
| 2020 | 161,548 |
| 2021 | No comparable full count |
| 2022 | 171,521 |
| 2023 | 181,399 |
| 2024 | 187,084 |
| 2025 | 181,934 |
| Fiscal year | Allocation |
|---|---|
| 2018–19 | $500 |
| 2019–20 | $2,016 |
| 2020–21 | $1,658 |
| 2021–22 | $8,973 |
| 2022–23 | $4,856 |
| 2023–24* | $2,556 |
The State Auditor compared costs with housing results. These are two of its findings: [11]
The auditor judged both programs likely cost-effective. Their figures show why the cost of a housing unit and the annual cost of helping a family need separate measures.
| Date | Record | Source |
|---|---|---|
| Cohen identified homelessness spending, EDD and DMV as subjects for scrutiny. | CalMatters | |
| Five programs reviewed: two likely cost-effective; three lacked enough outcome data for an assessment. | California State Auditor | |
| Cohen attributed the lack of audits to a funding denial. | Los Angeles Times |
Her 2026 campaign asks voters to judge her on housing and results. Here is what it says today.
“My focus is making sure public resources deliver results for people who need them most.”
“She’ll continue to prioritize and incentivize the development of more affordable housing”
Her campaign also points to housing incentives and audits in other areas. Those claims do not answer this question: did her office carry out the homelessness scrutiny she identified in 2022? The October 2026 report above gives her office’s answer and her funding explanation. [3]
California State Controller Malia Cohen made homelessness spending a campaign priority. Four years later, voters have her office’s reported result and her explanation for it.
Malia Cohen helps decide which affordable-housing projects receive state tax credits. Construction-trades groups give to her campaign, and housing-industry leaders organized a fundraiser for her. The records show who paid, who organized it and what access the event offered.
As California State Controller, Malia Cohen is a voting member of the California Tax Credit Allocation Committee. It allocates low-income housing tax credits to housing projects. Her campaign contributors include unions and a PAC representing construction trades. Developers, contractors and trade organizations have different roles; the table identifies the contributors by name. [1]
| Contributor | Amount |
|---|---|
| Steamfitters & Refrigeration UA Local 250 | $39,200.00 |
| Northern California Carpenters Regional Council Power PAC | $21,000.00 |
| California State Pipe Trades Council | $11,000.00 |
Selected contributor totals, CalMatters index updated September 28, 2026. Ordered by amount within this selection. [2]
· Cohen campaign fundraiser · Silverado Resort, Napa
On June 8, 2026, CCAH held a fundraiser for Malia Cohen at Silverado Resort in Napa. Its members work in affordable housing. Cohen has a vote on the state committee that awards low-income housing tax credits. [3] [1]
Cohen is a voting member of the California Tax Credit Allocation Committee, which allocates tax credits to affordable-housing projects. CCAH’s own account says its fundraiser gave attendees direct access to discuss housing policy with her. That connects a campaign event to an area where she has public decision-making power. [1] [4]
On June 8, 2026, the California Council for Affordable Housing scheduled a ticketed Cohen fundraiser at Silverado Resort in Napa. The agenda named Caleb Roope and CCAH and directed RSVPs to Annie Eagan. It ran from 7:30 to 9 p.m., alongside the association’s housing conference. [3]
“It wasn’t just a fundraiser; it was a working conversation”
In its recap, CCAH said the event raised campaign support and gave attendees direct discussion with Cohen about development barriers and housing policy. This is the organizer’s account of the access it offered. Conference sponsorship and attendance at the fundraiser are separate records.
Both Cohen’s 2026 campaign and Tim Grayson’s 2030 controller campaign paid Annie Eagan Consulting Inc., according to the Transparency USA payee index. Eagan was also the RSVP contact for Cohen’s Napa fundraiser, as listed in CCAH’s agenda. [5]
Cohen and Grayson also serve on the California Debt and Investment Advisory Commission (CDIAC). It collects public-debt data and provides research, training and guidance on borrowing and investing public funds. Its June 25, 2025 agenda names both members and includes votes on commission business. [7] [8]
| Campaign committee | Indexed payments |
|---|---|
| Malia Cohen for Controller 2026Committee #1456350 | $134,028.37 |
| Tim Grayson for State Controller 2030Committee #1477855 | $16,266.25 |
Transparency USA 2026-election search-index snapshot, retrieved October 9, 2026. Indexed aggregates for the named committees, not a current cash-balance statement. [5]
The two controller campaigns paid the same consultant. The Napa fundraiser also offered housing-industry attendees a chance to discuss policy with an official who votes on housing tax credits. The payment records and the organizer’s account document those connections.
California State Controller Malia Cohen says unclaimed money belongs to its owners. Getting it back can take months. Her office’s system overhaul interrupted claims, and a new lawsuit accuses the office and its contractors of changing foreign shareholders’ addresses before taking and selling their stock. [2] [3]
Follow the moneyWhen a family settles an estate or searches for old retirement savings, an address or account entry can determine whether the money comes home. Owners need accurate records, clear instructions and a payment after they prove the property is theirs. Those are everyday responsibilities of the State Controller’s Office.
“As Controller, I will ensure our tax dollars address the homelessness crisis” [12]
Cohen made homelessness spending a priority before taking office. By October 2026, her office reported to the Los Angeles Times that it had conducted no homelessness audits. Cohen attributed that to a denied funding request. [15]
“Building a more responsive, transparent, and effective State Controller’s Office.” [13]
The office’s 2025 transition plan paused claim evaluation and scheduled a website shutdown. Its current claims site still carries a conversion notice describing duplicate notices and property marked “Processing” during reconciliation. [8]
“reunited all 58 counties with millions in unclaimed property” [14]
The office reports more than $30.4 million returned through its first proactive outreach round. That is money recovered. It does not resolve the separate problems documented in the system notices or the investors’ lawsuit. [2]
The January 2026 Governor’s Budget records $1,559,883,000 in abandoned-property revenue for 2024–25. That is money counted in California’s General Fund, the account that pays for much of state government. The figure is revenue from the program, not interest alone. [16]
California law sends investment earnings from the Unclaimed Property Fund to the General Fund on the Controller’s order. The state can benefit from holding property while owners work through the claims process. That makes the speed and accuracy of returning it a question with financial consequences. [17]
“California’s fiscal watchdog accused of using fake addresses to seize fortunes in bombshell lawsuit”Read the source [3]
The October 8 New York Post report identifies Malia Cohen as a named defendant alongside private contractors Kroll and Kelmar. Investors allege their foreign addresses were changed to California entries, their stock was taken and sold, and recovering their money became an ordeal. The reported October 7 filing challenges those actions; its claims are allegations, not court findings. [3]
Britain
Whitty alleges Kroll replaced his British address with a California entry. After 17 months, he recovered almost $4,750; the filing valued the shares at approximately $15,222. [3]
Brazil
Martim alleges $708,641.22 in Google retirement stock was taken and sold without notice after his address was replaced with “CA 00000”. He describes embassy travel for notarized documents and repeated claim denials. [3]
The filing’s comparison puts a dollar figure on the consequence: nearly $4,750 recovered after a 17-month wait, versus approximately $15,222 for the shares had they remained unsold. The difference is about $10,472. This is the investor’s reported comparison, not a damages award. [3]
The Post reported that the Controller’s Office had not responded to its request for comment at publication on October 8, 2026. [3]
Kroll and Kelmar are named alongside the Controller in the lawsuit reported by the Post. The records below identify their roles and individual campaign contributions by people connected to the unclaimed-property business. [3]
Her office administers the unclaimed-property program. [14]
Verus worked on unclaimed-property recovery for states. James E. Hartley Jr. co-founded it and served as CEO from 2007 through 2020. [18]
Kelmar’s website identifies Lynden D. Lyman as an executive consultant since 2017. The Controller’s system upgrade used its KAPS platform. [20] [7]
Transparency USA separately lists a $9,800 contribution on September 30, 2025, with the occupation attorney and employer Drubner Hartley Mengacci & Hellman. That firm’s biography identifies James E. Hartley Jr. as Verus’s former CEO. [21] [22] [18]
Transparency USA lists a December 30, 2025 contribution under this name, with the occupation consultant and employer Lynden Lyman. Kelmar’s biography names Lynden D. Lyman as an executive consultant. [21] [22] [20]
Hartley’s biography dates the end of his Verus CEO tenure to 2020. [19]
Industry Insider reports a competitively bid, four-year $10,263,691 contract running through March 14, 2028. [23]
Transparency USA lists an individual contribution of $9,800 to Cohen. [22]
Transparency USA lists an individual contribution of $9,800 to Cohen. This date follows the original Kelmar contract’s start. [22]
The report names Cohen, Kroll and Kelmar in the dispute over foreign-owned property. [3]
Cohen’s office oversees the companies doing this work. Owners deserve to see how it checks their records, resolves complaints and separates those decisions from campaign fundraising.
After a sale, California law provides for payment of the net sale proceeds. That can leave an owner with cash from an earlier sale instead of an investment that has since risen in value. [4]
A valid claim can recover the securities while they remain in the Controller’s custody. [4]
The current rule generally requires sale 18 to 20 months after the actual property report is filed. [4]
The owner receives net sale proceeds. The Controller’s claiming guide says it does not buy back shares or compensate for later market appreciation. [6]
The dispute concerns the accuracy of the owner’s records and whether the required notice and custody rules were followed. California law can cover foreign-owned property when the holder is based in California. The issue is how the property was taken and handled. [5]
The Controller promised faster claims through a new system. Its own transition plan paused claim evaluation and took the website offline. The current site acknowledges a conversion problem that produced duplicate notices and can leave transferred property marked “Processing” until reconciliation is complete. [7] [8]
The office said claims received during this period would not be evaluated or show a status during the transition.
Staff would also lose access to the old system and be unavailable to return calls or emails during the shutdown.
The Kelmar Abandoned Property System, or KAPS, was intended to replace paper workflows with digital claims and document uploads.
The office expected status updates within a month of implementation.
As checked October 9, 2026, ClaimIt.ca.gov still carries the conversion notice. It says affected property becomes claimable online after processing and reconciliation. [8]
Public accounts describe the paperwork and the wait. These are individual experiences with California claims, not a measurement of every claim.
“It’s kind of every man for themselves.”
Brown described estate paperwork; he did not necessarily blame the state.
Watch the original report ↗
CBS San Francisco · Interview frame“Right now I can't even get ahold of a human being on the phone to ask for details”
Reported submitting bank-account paperwork on August 6, 2024 and waiting more than 180 days without a status change. In a later reply, the poster said the claim had been approved but was still awaiting the check process.
Read the post and follow-up ↗“I just wish there was a more efficient way to pay the unclaimed funds without it taking almost a year to get a check!”
Reported filing in April 2025 and seeing “paid” on January 21, 2026. In a follow-up, the same poster said the check arrived February 16, 2026.
Read the post and follow-up ↗CBS findings: [1]
| Organization group | Amount identified |
|---|---|
| California food banks | At least $95,000 |
| Children’s hospitals | At least $1.3 million |
| Make-A-Wish Foundation | More than $46,000 |
“These funds belong to Californians, not the state.”
On June 4, 2026, the office announced a second round of tax-record matching and letters. [2]
December 2025 initiative
100,000+letters in the first outreach roundThe office reports more than $30.4 million returned.
June 4, 2026 announcement
130,000people targeted for a second roundEligible recipients verify a claim code online.
No. Recipients must verify ownership using a claim code before payment. The office advised them to expect a check in about two weeks after completing the instructions. [2]
Cohen’s office should be judged on completed returns, reliable records and a claims process owners can actually use. Search for your property, save the claim details and track the payment through the official site.
Search the official unclaimed-property database ↗The office responsible for state payroll delayed recovering more than $33,000 in salary overpayments to two of its employees for over a year, the State Auditor found. [1]
California’s personnel department flagged two employees’ salary rates as exceeding policy limits.
The office recorded about $19,500 owed by one employee and $13,700 by the other.
A manager canceled payroll deductions for one employee. Repayment through the other employee’s leave credits was also paused.
Neither overpayment had been recovered.
[1] California State Auditor · Report I2026-1 ↗October 1, 2026 · Salary overpayment investigation and agency response
A late report leaves the public waiting for a complete accounting of state finances. California’s delays have been on the State Auditor’s high-risk list since 2020. [2]
The July 2026 KPMG review examined the Controller’s Office, Finance, the State Auditor and five large departments. It identified practical failures in the reporting process:
| Problem | What it means |
|---|---|
| Unclear responsibility | The Controller’s Office and Finance needed clearer roles and better communication. |
| Inconsistent accounting guidance | Departments needed one definitive authority for technical accounting advice and centralized training. |
| Late submissions | State entities were not sending their accounting information on time. |
Read the full financial-reporting investigation →
[2] California State Auditor · Report 2025-602 ↗July 31, 2026 · KPMG performance audit
The Controller’s Office is responsible for public money. Its decisions and its answers belong in public, too.
How did a manager in the State Controller’s Office work from Idaho for about five years? The California State Auditor’s October 1, 2026 investigation traced the location records, false telework addresses and failures inside the office. [1]
“just about every day”
The manager moved to Idaho before Cohen became Controller. [1]
During Cohen’s term, his signed telework plans continued to list California addresses. [1]
An IT report alerted HR to possible out-of-state telework. The office took limited action, saying it did not want to interfere with the investigation. [1]
The office said both investigated managers had separated, monitoring would be added, and its internal review had stopped while auditors investigated. [1]
The same office that checks other agencies’ spending needs to enforce its own rules.
What experience does Cohen bring to California’s fiscal watchdog job? →[1] California State Auditor · Report I2026-1 · Case I2025-2887 ↗October 1, 2026 · Findings and agency response