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 announced his decision Friday, saying it came after “many honest conversations” with his family.
“Although my name will not appear on the ballots, my work continues,” Caruso said in X. “Public service does not require a degree. It is, and always will be, my calling.”
Caruso's plans were the talk of political circles. Recently, he appeared to confirm that he would launch a campaign.
When asked by a reporter on January 7 if it was possible for him not to run for office at all, Caruso responded: “That option is practically ruled out now.”
The shopping center magnate and former mayoral candidate said he was “deeply disappointed to step back in an election that I believe is so critical to the future of California.”
In his Friday post on X, Caruso said he will focus on his nonprofit, Steadfast LA, which brings together industry leaders 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 the efforts of my company and family foundation to strengthen communities in need,” Caruso wrote.
The 66-year-old developer behind popular Los Angeles shopping centers like the Grove and 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 question of winning chances. It was a question of family and quality of life,” Murphy said.
Murphy said polls in both the mayoral and gubernatorial races were promising for Caruso.
“I could tell he was dying all week,” 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 works primarily with Republican candidates, said donors and political consultants in Caruso's circle had informed him that the promoter would enter the race for governor.
He said he had no idea what Caruso was thinking.
“Running for governor of California is one of the most difficult things you can do in politics,” he said. “It's second only to running for president.”
Another consultant, Rob Stutzman, said the list of people who have chosen 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 that maybe it's not a good job,” said Stutzman, whose clients are mostly Republicans.
Caruso served as president of the Los Angeles Police Commission in the 2000s and helped 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 the city's history at the time.
He has consistently criticized the mayor online and in public appearances since losing to her in 2022, honing his argument for voters to reject the incumbent.
“His 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's response to the Palisades fire and quality-of-life concerns that are similar to Caruso's. The promoter's entry could have hurt Beutner's campaign.
The latest question mark is Los Angeles 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 his left with Rae Huang, a community organizer and reverend, who announced his candidacy for mayor in November.
More recently, the entry of former reality star and Palisades fire victim Spencer Pratt has added new intrigue to the race.
Bass's 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 criticized her for being in Ghana on a diplomatic mission when the fire broke out. Once he returned, he was at odds with his fire chief and was unstable in his public appearances.
Caruso stood by his criticism, calling the drying of the hydrants during the fire “absolute mismanagement on the part of the city.”
Had he run for governor, some voters in the state's poorest sectors might have rejected Caruso, a former Republican who registered as a Democrat in 2022 and has faced questions about his previous party registration.
Still, the developer, who has made public safety and quality of life issues his top talking points, could have appealed to California voters disaffected by the current crop of gubernatorial candidates.
No candidate has dominated the field, while some potential contenders, including Sen. Alex Padilla and Atty. General Rob Bonta has announced that he will not run.
The Democratic candidate field 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.
Leading Republican candidates include former Fox News commentator Steve Hilton and Riverside County Sheriff Chad Bianco.
While weighing a run for governor last year, Caruso traveled several times to Sacramento and across the state to meet with union leaders, community groups and politicians.
“I think he did polls and didn't see a path forward,” said Sara Sadhwani, a politics professor at Pomona College.
“If he had run in either race and lost, his prospects for elected office would have been even further removed,” he added.
