Real estate mogul Rick Caruso will not run for mayor nor governor

Billionaire real estate mogul Rick Caruso announced Friday, Jan. 16, that he will not run for office this year, putting to rest months of speculation that he would seek to become either the next mayor of Los Angeles or governor of California.

In announcing his decision, Caruso said two questions guided his thinking – where he could make the most impact and how running would affect his family.

“After much reflection and many heartfelt conversations with my family, I have decided not to pursue elected office at this time,” he said in a statement. “It is a difficult decision, and I am deeply disappointed to step back from an election I believe is so critical to California’s future.”

“Though my name will not be on a ballot, my work continues,” he added.

Caruso ran for mayor of Los Angeles four years ago but lost to then-Rep. Karen Bass after spending more than $100 million – most of it self-funded – on his campaign.

Following last January’s devastating Southern California wildfires, Caruso – who owns the Palisades Village shopping center, which remains temporarily closed – launched Steadfast LA, a nonprofit focused on helping communities impacted by the Palisades and Eaton fires recover.

He became a vocal critic of Bass’ leadership during and after the fires, and many speculated about a 2026 rematch between the two, with Bass up for reelection.

But with Gov. Gavin Newsom termed out of office after this year, many also wondered if perhaps Caruso might seek state office instead.

Less than five months before the June 2 primary, the race to replace Newsom continues without a clear frontrunner.

Some of the better known Democratic candidates for governor include former U.S. Health Secretary Xavier Becerra, former Assemblymember Ian Calderon, former Rep. Katie Porter, environmentalist Tom Steyer, Rep. Eric Swalwell, State Superintendent of Public Instruction Tony Thurmond, former L.A. Mayor Antonio Villaraigosa and former state Controller Betty Yee.

Top-polling candidates on the Republican side include Riverside County Sheriff Chad Bianco and podcaster and former Fox News host Steve Hilton.

Whether Caruso’s entrance into the governor’s race would have shaken things up significantly can only be speculated upon now.

The same can be said about the L.A. mayoral race, where Bass is being challenged by former Los Angeles Unified School District Superintendent Austin Beutner and reality television personality Spencer Pratt, who lost his home in the Palisades fire. Housing advocate Rae Huang is also running for the city’s top post.

Although he’s ruled out running for office “at this time,” Caruso said Friday he’s not done serving the community.

The real estate developer is best known for producing such high-end shopping malls as The Grove in the Fairfax District and The Americana at Brand in Glendale, and luxury apartment buildings.

While he’s never held elected office, he twice served on the city of L.A.’s Department of Water and Power Commission, including once as the commission’s president.

He also previously served as president of the city’s Police Commission.

On Friday, Caruso said he’s proud of his work through Steadfast LA and his company and family foundation to help communities in need and spoke of building on the progress made.

“Public service does not require a title. It is, and will always be, my calling,” he wrote. “I remain devoted to serving our communities in every way I can, just from a different seat.”