Billionaire hedge fund founder-turned-environmental advocate Tom Steyer is running for governor of California – an announcement that comes as little to no surprise following his recent ad buys in support of Proposition 50 during the state’s special election on redistricting.
Speculations that Steyer, who also ran for president in 2020, may be eyeing another foray into politics began swirling immediately after he announced plans to drop $12 million on ads to support California Democrats’ mid-decade redistricting effort several weeks ago.
Those speculations were confirmed Wednesday, Nov. 19, when Steyer, 68, formally announced his candidacy for governor.
The Democrat is a vocal critic of President Donald Trump. But in his campaign launch video, Steyer did not bring up national politics, instead focusing his message on solving California’s affordability crisis.
“Californians who make this state run are being run over by the cost of living. We need to get back to basics. And that means making corporations pay their fair share again,” Steyer said in the roughly two-minute video.
According to his campaign, Steyer plans to:
- Lower electric bills by 25% by ending monopolies that utility companies currently have.
- Build a million homes in four years, in part by expediting the permitting process, reducing unnecessary taxes and fees on building, and holding cities and counties accountable for building more affordable housing.
- Make preschool and community college free and pay for it by closing commercial property and offshore corporate tax loopholes.
Steyer joins an already-crowded field of candidates to replace termed-out Gov. Gavin Newsom in next year’s election.
On the Democratic side, well-known candidates include former U.S. Health and Human Services Secretary Xavier Becerra, entrepreneur Stephen Cloobeck, former Rep. Katie Porter, Superintendent of Public Instruction Tony Thurmond, former Los Angeles Mayor Antonio Villaraigosa and former state Controller Betty Yee.
Republican candidates include Riverside County Sheriff Chad Bianco and podcaster and former Fox News host Steve Hilton.
Earlier this month, U.S. Sen. Alex Padilla announced he would not run for governor, joining former Vice President Kamala Harris who decided over the summer that she, too, would forgo a run for the state’s highest office.
Harris’ and Padilla’s decisions not to seek the governorship may have opened the door for other candidates.
Other high-profile figures said to be considering a run include billionaire developer and former L.A. mayoral candidate Rick Caruso and U.S. Rep. Eric Swalwell, a Democrat from the Bay Area.
As for Steyer, his campaign told the Southern California News Group that the candidate – who has contributed tens of millions of dollars in the past to support or defeat certain state ballot measures – intends to contribute to his own campaign, though he hadn’t decided how much.
The campaign also cited his role in working to defeat Proposition 23, a 2010 ballot initiative backed by oil companies seeking to roll back California’s clean air and climate law.
Two years later, Steyer was the lead sponsor of Proposition 39, to close a corporate tax loophole for out-of-state companies, which in turn provided funding for energy-efficiency upgrades in schools.
And in 2016, Steyer was a major backer of Proposition 56, which raised California’s tobacco tax by $2 per pack and directed those funds to health care, Medi-Cal and tobacco-use prevention programs.
Steyer, in his campaign video, pitched himself as a disruptor and a political outsider.
“We have a broken government. It’s been bought by corporations, and my question is, ‘Who do you think is going to change that?’” Steyer said. “Sacramento politicians are afraid to change up this system. I’m not. They’re going to hate this.”
“Bring it on,” he added, staring directly into the camera.