Tom Steyer Announces Run for California Governor, Vows to Tackle Affordability Crisis

Tom Steyer, the 68-year-old billionaire environmental activist and former 2020 Democratic presidential candidate, announced on Wednesday that he is running for governor of California. He said his campaign will focus on the state’s deep affordability crisis and on holding corporations accountable for their fair share of taxes and costs.

“Californians deserve a life they can afford. 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,” Steyer said in his announcement.

Steyer joins a crowded field seeking to succeed Governor Gavin Newsom, who is term-limited and cannot run for a third consecutive term. Prominent Democrats in the race include former congresswoman Katie Porter; former U.S. Secretary of Health and Human Services Xavier Becerra; former Los Angeles mayor Antonio Villaraigosa; and Betty Yee, California’s state controller from 2015 to 2023. Congressman Eric Swalwell is also expected to announce a campaign. On the Republican side, Riverside County Sheriff Chad Bianco and former adviser to David Cameron and broadcaster Steve Hilton are among the declared candidates.

Porter had been widely considered the frontrunner until October, when video surfaced of an uncomfortable interview in which she appeared frustrated and threatened to end the conversation. That incident briefly shifted some public polling dynamics, opening opportunities for other candidates.

Steyer is best known for his philanthropic and political spending on progressive causes. A former hedge fund manager, he founded NextGen America, a nonprofit and political action organization that has invested millions to mobilize voters around climate change, reproductive rights and other issues. He spent more than $12 million supporting California’s recent redistricting measure and previously ran for president in 2020, exiting the race after the South Carolina primary.

In announcing his gubernatorial bid, Steyer highlighted past policy victories, including campaigns to raise the tobacco tax to fund healthcare programs and to close a corporate tax loophole affecting out-of-state companies. He framed his political activism as a way to give back to California after building a successful business in the state.

Policy priorities

Steyer said his agenda as governor would include:

• Lowering household utility costs;
• Building 1 million homes in four years to address the housing shortage;
• Making pre-school and community college tuition-free;
• Banning corporate PAC money in state elections.

Steyer emphasized that he would pursue these goals by targeting corporate tax avoidance and leveraging policy reforms to raise revenue without directly charging California residents.