Gavin Newsom: Could this smug man be more out of touch?

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Factcheck:

The quote from Treasury Secretary Scott Bessent is accurate, from a Jan. 20, 2026, Davos panel on housing policy. He described “mom and pop” investors (e.g., retirees with 5-12 homes) as worth protecting, while targeting large institutions. Critics like Gov. Newsom call it out of touch, as most Americans struggle to afford one home—U.S. Census data shows only ~10% of households own 2+ properties. Supporters argue it aids small landlords.

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