Tom Steyer enters California governor’s race: ‘They’re going to hate this’
Tom Steyer, a billionaire Democratic environmentalist and former presidential candidate, launched his candidacy Wednesday for next year’s race to replace term-limited Gov. Gavin Newsom.
In a video announcing his campaign, Steyer vowed to address California’s high cost of living, an issue that consistently tops voter concerns and has become a political liability for Democrats.
“Californians deserve a life they can afford,” he said in his launch video. “But the Californians who make this state run are being run over by the cost of living. We need to get back to basics, and that means making corporations pay their fair share again.”
If elected governor, Steyer said he would lower electric bills by breaking up “the monopolistic power of utilities” and close corporate tax loopholes to funnel more money to preschools and community colleges.
He also pledged to build a million homes during his four-year term and said he wants to ban corporate PAC money from elections in California.
“We have a broken government. It’s been bought by corporations,” Steyer said. “Sacramento politicians are afraid to change up this system. I’m not. They’re going to hate this.”
Steyer, 68, earned his fortune as a founder of Farallon Capital Management, a San Francisco-based hedge fund. He sold his stake in the company and stepped down in 2012 to spend more time on political and environmental causes.
Over the years, Steyer has dumped tens of millions into ballot measures, including a 2012 proposition that changed the corporate tax law to raise more money for schools and a 2016 hike on the state’s tobacco tax.
He also spent roughly $345 million of his own money on a 2020 presidential bid before dropping out of the Democratic primary.
Steyer joins a crowded field, which includes Democratic candidates Rep. Katie Porter; former U.S. Health and Human Services Secretary Xavier Becerra; former Los Angeles mayor Antonio Villaraigosa; state Superintendent of Public Instruction Tony Thurmond; former state Controller Betty Yee; businessman Stephen Cloobeck; and former L.A. Assemblymember Ian Calderon; as well as Republicans Chad Bianco, the sheriff of Riverside County, and Steve Hilton, a former Fox News host.
Still, 44% of registered voters are undecided on any particular candidate, according to a recent Berkeley IGS poll — up from 38% in an August survey by the school’s Institute of Governmental Studies.
While the field is packed, political strategists say the polling proves that no candidate has broken through to voters.
“There’s a huge vacuum” in the race, Republican strategist Rob Stutzman said Tuesday before Steyer made his announcement. “It’s begging for other people to run.”
Other potential candidates include Rep. Eric Swalwell, D-Dublin; billionaire developer Rick Caruso; and Attorney General Rob Bonta.