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, who has been toying with a possible run for months, made 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 have been the talk of political circles for months. He recently appeared to confirm that he will seek one of the two positions.
When asked by a reporter about Jan. 7 on the possibility that he could run for any position, Caruso replied: “That option is off the table now.”
Caruso said he will focus on his nonprofit, Steadfast LA, which brings together industry leaders to help with Palisades fire recovery.
The 66-year-old developer behind LA malls such as the Grove and Americana eBrand spent his $100 million against Karen Bass in 2022, outscoring her 11 to 1 in her unsuccessful bid. But Bass beat him by about ten percent.
Caruso served as president of the LA Police Commission in the 2000s and helped the city 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.
Caruso has been criticizing the mayor online and in public since 2022, appearing to sharpen and refine his argument for voters to reject the incumbent, whom he describes as unfit.
“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 field in 2026 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.
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.
As for the governor, some voters in blue pockets may have rejected Caruso, a former Republican who registered as a Democrat in 2022 and has faced questions about his party’s past registrations.
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.
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 you had jumped into any kind of race and lost, it would have made the chances of the election very remote,” he said.
