Democrat billionaire Tom Steyer is running for governor of California, jumping into what is already shaping up to be one of the most crowded gubernatorial fields in state history.
Steyer, the hedge fund founder turned environmental activist, announced his campaign Wednesday, confirming weeks of speculation fueled by his $12 million ad blitz backing Proposition 50 during the state’s special election on redistricting, the Los Angeles Daily News reported.
“Californians who make this state run are being run over by the cost of living,” Steyer said in his launch video, denouncing “sky-high energy prices,” which conservatives argue are the fault of his party and Democrats’ green energy, anti-fossil fuel initiatives.
“We need to get back to basics. And that means making corporations pay their fair share again.”
Steyer, 68, previously ran for president in 2020 and has poured tens of millions into California political campaigns over the past decade. His campaign told the Southern California News Group he intends to self-fund but has not yet determined how much.
His platform outlines sweeping economic and social proposals, including:
– Lowering electric bills by 25% by breaking up existing utility monopolies.
– Building 1 million homes in four years by slashing permitting timelines and holding cities accountable for affordable housing targets.
– Offering free preschool and free community college, paid for by closing “commercial property and offshore corporate tax loopholes.”
A longtime critic of President Donald Trump, Steyer notably avoided national politics in his announcement, instead framing himself as a disruptor in Sacramento.
“We have a broken government,” he said. “It’s been bought by corporations.”
“Sacramento politicians are afraid to change up this system. I’m not. Bring it on.”
Steyer joins a crowded field hoping to replace termed-out Democrat Gov. Gavin Newsom.
Democrats already in the race include Xavier Becerra, Stephen Cloobeck, Katie Porter, Tony Thurmond, Antonio Villaraigosa, and Betty Yee.
On the Republican side, Riverside County Sheriff Chad Bianco and former Fox News host Steve Hilton are among the contenders.
Several high-profile Democrats have opted out, including Sen. Alex Padilla, D-Calif., and former Vice President Kamala Harris — decisions that party strategists say opened the door to Steyer’s candidacy and others still weighing bids, such as billionaire developer Rick Caruso and Rep. Eric Swalwell, D-Calif.
Steyer’s political résumé includes leading efforts to defeat 2010’s Proposition 23, sponsoring Proposition 39 to close tax loopholes, and backing 2016’s Proposition 56, which raised the tobacco tax.
As he framed it Wednesday, Steyer sees the race as a showdown with entrenched interests.
“Who do you think is going to change that?” he asked voters. “They’re going to hate this.”
Newsmax writer Eric Mack contributed to this report.
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