Billionaire developer Rick Caruso will not run for Los Angeles mayor or California governor, after months of speculation that he would seek one of the two posts.
Caruso announced his decision Friday, saying it came after “many heartfelt conversations” with his family.
“Though my name will not be on a ballot, my work continues,” Caruso said on X. “Public service does not require a title. It is, and always will be, my calling.”
Caruso’s plans were the talk of political circles. Recently, he seemed to confirm that he would launch a campaign.
Asked by a reporter on Jan. 7 if it was possible he would not run for any office, Caruso responded: “That option is pretty much off the table now.”
The mall magnate and one-time mayoral candidate said he was “deeply disappointed to step back from an election I believe is so critical to California’s future.”
In his Friday post on X, Caruso said he will focus on his nonprofit, Steadfast LA, which brings industry leaders together to help with fire recovery.
“I am immensely proud of what we are accomplishing through Steadfast LA, supporting victims of the Palisades and Eaton fires, as well as through my company and family foundation’s efforts to strengthen communities in need,” Caruso wrote.
The 66-year-old developer behind popular L.A. malls like the Grove and the Americana at Brand spent $100 million of his own fortune to run for mayor against Karen Bass in 2022, outspending her 11 to 1 but losing by nearly 10 percentage points.
Political consultant Mike Murphy, who was advising Caruso, said he was surprised by Caruso’s decision.
“It wasn’t a winnability thing. It was a family, quality of life thing,” Murphy said.
Murphy said that polling in both the mayoral and gubernatorial races was promising for Caruso.
“I could tell he was agonizing all week long,” Murphy said.
Political consultant Tim Rosales said he was surprised by the announcement, calling it particularly unexpected because he saw signs that Caruso would run for governor.
Rosales, who primarily works with Republican candidates, said he had been informed by donors and political consultants in Caruso’s circle that the developer would enter the governor’s race.
He said he had no insight into Caruso’s thinking.
“Running for California governor is one of the hardest things you can do in politics,” he said. “It’s second only to running for president.”
Another consultant, Rob Stutzman, said that the list of people who have opted not to run for governor this year is particularly long — and even includes former Vice President Kamala Harris.
“A lot of smart people have decided it may not be a good job,” said Stutzman, whose clients are mostly Republicans.
Caruso served as president of the L.A. Police Commission in the 2000s, helping to hire William Bratton as police chief. He was appointed to the Department of Water and Power board in 1984, at age 26 — the youngest commissioner in city history at the time.
He has steadily critiqued the mayor online and in public appearances since losing to her in 2022, honing his argument for voters to reject the incumbent.
“Her record is so bad,” Caruso said at a town hall he hosted at the Americana on Nov. 3.
Caruso’s decision not to run for mayor largely solidifies the 2026 field against Bass. Former Los Angeles Unified School District Superintendent Austin Beutner is running a moderate campaign, with arguments about Bass’ response to the Palisades fire and quality of life concerns that are similar to Caruso’s. The developer’s entry could have thrown a wrench into Beutner’s campaign.
The last question mark is L.A. County Supervisor Lindsey Horvath, who said people have been asking her to run for mayor. She told The Times earlier this month that Angelenos are “hungry for a different kind of leadership.”
Bass also faces a challenge from her left with Rae Huang, a community organizer and reverend, announcing a run for mayor in November.
Most recently, the entry of former reality star and Palisades fire victim Spencer Pratt has added new intrigue to the race.
Bass’ campaign declined to comment on Caruso’s decision.
The mayor has been politically weakened by her handling of the Palisades fire. Caruso was among those who blasted her for being in Ghana on a diplomatic mission when the fire broke out. Once she returned, she was at odds with her fire chief and unsteady in her public appearances.
Caruso kept up his criticism, calling the drying up of hydrants during the fire “an absolute mismanagement by the city.”
If he had run for governor, some voters in deep blue pockets of the state may have rejected Caruso, a former Republican who registered as a Democrat in 2022 and has faced questions over his past party registration.
Still, the developer, who has made public safety and quality of life issues his main talking points, might have attracted California voters unhappy with the current crop of gubernatorial candidates.
No single candidate has dominated the field, while some potential contenders, including Sen. Alex Padilla and Atty. Gen. Rob Bonta, have announced they’re not running.
The field of Democratic candidates includes current and former California politicians, including Rep. Eric Swalwell, former Rep. Katie Porter and former Los Angeles Mayor Antonio Villaraigosa. Billionaire hedge fund founder Tom Steyer is also running.
The top Republican candidates include former Fox News commentator Steve Hilton and Riverside County Sheriff Chad Bianco.
As he weighed a bid for governor in the last year, Caruso traveled multiple times to Sacramento and around the state to meet with labor leaders, community groups and politicians.
“My guess is he did polling and he did not see a path forward,” said Sara Sadhwani, a professor of politics at Pomona College.
“Had he jumped into either race and lost, it would have made the prospects of elected office even further away,” she added.
