Tom Steyer is among the named donors shaping the statewide money landscape. Which committees his contributions flow to, and in what amounts, will matter for how supervisors and the Mayor's office read the results Wednesday morning.

San Francisco voters are weighing Prop C and Prop D simultaneously — a pairing that has complicated donor strategy and voter messaging throughout the campaign. Both measures touch how the city spends and oversees homeless services dollars, a budget line that has drawn repeated scrutiny from the Board of Supervisors and the Controller's office.

Campaign finance records show the largest checks on both sides coming from sources outside San Francisco's district-level political infrastructure. That pattern is consistent with recent local ballot cycles, where citywide measures attract institutional funders whose interests extend well beyond a single supervisor race.

The $400 million statewide figure reflects a primary environment crowded with legislative, congressional, and ballot measure campaigns. San Francisco's measures represent a fraction of that total, but the local dollar amounts are large enough to fund independent expenditure campaigns through the final weekend of the race.

What to watch next: Polls close Tuesday at 8 p.m. The first returns drop shortly after. If either Prop C or Prop D passes narrowly, expect a Board of Supervisors hearing within 60 days on implementation funding and oversight structure. The Mayor's office will also face questions about how a dual-passage scenario — if both measures clear 50 percent — gets resolved legally.