Billionaire environmentalist and former presidential candidate Tom Steyer has officially declared his intention to run for Governor of California, entering a packed field of contenders seeking to succeed the termed-out Gavin Newsom.
A Crowded Field and a Focus on Affordability
The 68-year-old Steyer announced his candidacy on Wednesday, immediately positioning himself as a champion for Californians struggling with the state's high cost of living. In a statement, he vowed to address what he termed an "intractable affordability crisis."
"Californians deserve a life they can afford. But the Californians who make this state run are being run over by the cost of living," Steyer said. "We need to get back to basics. And that means making corporations pay their fair share again."
He is joining a highly competitive race that includes several prominent Democrats. The field features former congresswoman Katie Porter, former US cabinet member Xavier Becerra, and former LA mayor Antonio Villaraigosa. Betty Yee, the state controller from 2015 to 2023, is also running, while Congressman Eric Swalwell is expected to announce his own campaign.
Shifting Polls and Steyer's Political Track Record
The dynamics of the California governor race have been volatile. Katie Porter was initially considered the frontrunner until October, when a video surfaced showing her in a tense exchange with a journalist. In the aftermath, Republican candidate Chad Bianco, the Riverside county sheriff, took a lead in polling. Another Republican in the race is Steve Hilton, a former adviser to David Cameron and Fox News host.
Tom Steyer is no stranger to national politics. He is best known as one of the Democratic party's largest donors and for his own 2020 bid for the Democratic presidential nomination. The former hedge fund manager founded NextGen America, a political action committee and non-profit, through which he has spent millions mobilising voters on issues like the climate crisis and reproductive rights.
He withdrew from the presidential race after the South Carolina primary, where he finished behind Joe Biden and Bernie Sanders. Despite this, he has remained a powerful force, recently spending over $12 million to support a successful redistricting measure in California.
Policy Promises and a Pledge to 'Give Back'
In his campaign announcement, Steyer highlighted his record of leading "winning campaigns" for state-level initiatives. He pointed to legislation that raised the tobacco tax to fund healthcare programs and a proposition that "closed a corporate tax loophole for out-of-state companies."
Reflecting on his business career, Steyer stated, "I wanted to build a business here. Now, it’s worth billions of dollars. And I walked away from it because I wanted to give back to California." He added, "I’ve taken on out-of-state corporations that refused to pay their California taxes. I’ve taken on the oil companies. I’ve taken on the tobacco companies. We’ve raised billions of dollars for California citizens, without charging California citizens a nickel."
Looking forward, his gubernatorial platform includes ambitious pledges: lowering utility costs, constructing one million homes within four years, making preschool and community college free, and banning corporate PAC money from state elections.
