Los Angeles Billionaire Rick Caruso Will Not Run for Any Office in 2026

I don’t want to alarm Los Angelenos or Californians, who have already been through a lot in the past year. But the news that L.A. billionaire developer Rick Caruso will not run for mayor of L.A. or governor in 2026 is bad news for the future of the city and the state. Caruso ran a more-competitive-than-usual bid against Karen Bass in 2022, back when Bass was just a longtime congresswoman and no one thought the city would face one of the worst natural disasters in state history. (The fires killed 30 people and destroyed more than 16,200 buildings; one estimate put the cost of what was lost in the fires at $65 billion.)

“After much reflection and many heartfelt conversations with my family, I have decided not to pursue elected office at this time,” Caruso posted on X. “It was a difficult decision, and I am deeply disappointed to step back from an election that is so critical to California’s future.”

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Jim Geraghty

Jim Geraghty is the senior political correspondent of National Review.

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I don’t want to alarm Los Angelenos or Californians, who have already been through a lot in the past year. But the news that L.A. billionaire developer Rick Caruso will not run for mayor of L.A. or governor in 2026 is bad news for the future of the city and the state. Caruso ran a more-competitive-than-usual bid against Karen Bass in 2022, back when Bass was just a longtime congresswoman and no one thought the city would face one of the worst natural disasters in state history. (The fires killed 30 people and destroyed more than 16,200 buildings; one estimate put the cost of what was lost in the fires at $65 billion.)

“After much reflection and many heartfelt conversations with my family, I have decided not to pursue elected office at this time,” Caruso posted on X. “It was a difficult decision, and I am deeply disappointed to step back from an election that is so critical to California’s future.”