Billionaire developer Rick Caruso won’t run for California governor or LA mayor

LOS ANGELES — Rick Caruso spent all of last year publicly mulling a run for California governor or Los Angeles mayor. His ultimate decision: Neither.

The billionaire developer said on Friday that he will not run for either office this year, putting an end to protracted speculation that he would launch some sort of political bid in 2026.

"After much reflection and many heartfelt conversations with my family, I have decided not to pursue elected office at this time. It was a difficult decision, and I am deeply disappointed to step back from an election that is so critical to California's future," Caruso said in a statement on social media. He said he would continue working on fire recovery through his nonprofit, Steadfast LA.

Caruso, who lost his first campaign for Los Angeles mayor in 2022 against Karen Bass, seemed primed to return to political life after wildfires tore through the city last year, destroying his Pacific Palisades neighborhood. The centrist Democrat became a presence on national media, blasting his rival’s leadership during the disaster and overall stewardship of the city.

But a rematch bid against Bass, even with her damaged standing after the crisis, still posed significant challenges. The overwhelmingly Democratic city is substantially to the left of the developer, who was previously registered as a Republican and an independent before joining the Democratic Party just before his run four years ago. He lost to Bass by nearly 10 points in that race, a significant gap to close in a rematch.

A gubernatorial run could have offered friendlier terrain, since the electorate in the state overall is more moderate than the voters in his hometown. Still, he is largely unknown outside of Los Angeles and would have needed to introduce himself to voters in the rest of the state at warp-speed before the June primary.

The overarching challenge for Caruso in both races is the polarized national political dynamic shaping the upcoming November elections. Democrats in both races have eagerly leaned into bashing President Donald Trump as a way to appeal to the party’s base voters who are expected to turn out in droves for the midterm elections.

But Caruso has never shown an appetite to throw out anti-Trump red meat, looking instead to knit together a coalition of moderates of both parties, as well as independents. In a hyper-partisan environment, that pathway looked increasingly tenuous.