Billionaire developer Rick Caruso won’t be running for mayor of LA or governor of California
Billionaire developer Rick Caruso will not run for mayor of Los Angeles or governor of California, after months of speculation that he would seek one of the two positions.
Caruso announced his decision on Friday, saying it came after “many heartfelt conversations” with his family.
“Although my name will not be on the ballot, my work continues,” Caruso told X. “Public service doesn’t need a title. It’s my calling, and it always will be.”
Caruso’s plans were the talk of the town in political circles. Recently, he seemed to confirm that he will launch a campaign.
Asked by a reporter about Jan. 7 on whether he might not run for office, Caruso replied: “That option is off the table now.”
The mall executive and one-time mayor said he was “deeply disappointed to step down in an election that I believe is very important to the future of California.”
In his letter Friday to X, Caruso said he will focus on his nonprofit, Steadfast LA, which brings together industry leaders to help restore the fire.
“I am extremely proud of what we are accomplishing with Steadfast LA, supporting the victims of the Palisades and Eaton fires, and the efforts of my company and family organization to strengthen communities in need,” Caruso wrote.
The 66-year-old developer behind LA malls such as the Grove and Americana e Brand spent $100 million of his fortune to run for mayor against Karen Bass in 2022, outscored 11 to 1 but lost by nearly 10 percentage points.
Political consultant Mike Murphy, who advises Caruso, said he was surprised by Caruso’s decision.
“It wasn’t a victory thing. It was a family, quality of life thing,” Murphy said.
Murphy said the polls in the mayoral and alderman races are promising for Caruso.
“I could tell he was upset all week,” Murphy said.
Political consultant Tim Rosales said he was surprised by the announcement, calling it unexpected especially because he sees signs that Caruso will run for governor.
Rosales, who works extensively with Republican candidates, said he was informed by donors and political advisers in Caruso’s circle that the developer would enter the gubernatorial race.
He said he did not understand Caruso’s thinking.
“Running for governor of California is one of the hardest things you can do in politics,” he said. “This is the second time after running for the presidency.”
Another consultant, Rob Stutzman, said the list of people who chose not to run for governor this year is long — and includes former Vice President Kamala Harris.
“A lot of smart people decided it might not be a good job,” said Stutzman, whose clients are mostly Republicans.
Caruso served as president of the LA Police Commission in the 2000s, helping hire William Bratton as police chief. He was appointed to the board of the Department of Water and Power in 1984, at the age of 26 – the youngest commissioner in the city’s history at the time.
He has been a constant critic of the mayor online and in public since his 2022 loss, honing his argument for voters to reject the incumbent.
“His record is terrible,” Caruso said at a town hall he hosted at Americana on Nov. 3.
Caruso’s decision not to run for mayor solidifies the 2026 field against Bass. Former Los Angeles Unified School District Superintendent Austin Beutner is running a moderate campaign, with arguments about Bass’s response to the Palisades fire and quality of life concerns like Caruso’s. The developer’s filing could have thrown a wrench into Beutner’s campaign.
The final marker is LA County Supervisor Lindsey Horvath, who said people have been asking her to run for mayor. He told The Times earlier this month that Angelenos are “hungry for a different kind of leadership.”
Bass also faces a challenge from his left with Rae Huang, a community organizer and pastor, announcing a mayoral run in November.
Recently, the entry of former star and Palisades fire victim Spencer Pratt added new intrigue to the race.
Bass’ campaign declined to comment on Caruso’s decision.
The mayor has been politically weakened by his handling of the Palisades fire. Caruso was one of those who criticized him for being in Ghana on a diplomatic mission when the fire broke out. When he returned, he was at odds with his fire chief and unstable in his public appearances.
Caruso continued his criticism, calling the drying of water pipes during the fire “mismanagement of the city.”
Had he run for governor, some voters in blue pockets might have rejected Caruso, a former Republican who registered as a Democrat in 2022 and has faced questions about his party registration in the past.
Still, the developer, who has made public safety and quality of life his main talking points, is likely to appeal to California voters unhappy with the current crop of gubernatorial candidates.
No single candidate has won the field, and other potential candidates, including Sen. Alex Padilla and Atty. Gen. Rob Bonta, announced that they are not running.
The field of Democratic candidates includes current and former California politicians, including Rep. Eric Swalwell, former Rep. Katie Porter and Los Angeles Mayor Antonio Villaraigosa. Billionaire hedge fund founder Tom Steyer is also active.
Top Republican candidates include former Fox News commentator Steve Hilton and Sheriff County Sheriff Chad Bianco.
While weighing a bid for governor last year, Caruso made several trips to Sacramento and the state to meet with labor leaders, community groups and politicians.
“I think he took a poll and didn’t see a way forward,” said Sara Sadhwani, a professor of politics at Pomona College.
“If he had jumped into any kind of race and lost, it would have made his chances of being in the position very remote,” he added.
