Billionaire activist Tom Steyer announces his candidacy for California governor
California passes Prop 50 to redraw congressional lines
Californians voted to redraw the state’s congressional maps with Democratic lawmakers.
- Billionaire activist Tom Steyer has announced his candidacy for California governor in the 2026 election.
- Steyer said his campaign will focus on making California more affordable, including lowering electric bills and building one million new homes.
- He is entering a crowded field of candidates seeking to replace Gov. Gavin Newsom, who is term-limited.
- Steyer,, who recently funded a campaign to pass California’s Proposition 50, previously ran for the Democratic presidential nomination in 2020.
Tom Steyer, the billionaire environmental activist who spent millions of his own money in advertising to help propel the passage of California’s Proposition 50, is now throwing his name into an already crowded race for governor in 2026.
Steyer announced he’s running for governor on Nov. 19 in a YouTube video, seeking to replace current Gov. Gavin Newsom, whose second and final term due to state term limits ends in January 2027. A Democrat, Steyer is no stranger to politics, having run as a long-shot 2020 Democratic presidential candidate.
He said his key goals as California governor would be to make the nation’s most populous state more affordable. Some of his initiatives include lowering electric bills by 25% and letting residents choose their own electricity provider. He wants to build one million new homes within four years by accelerating permitting, reducing taxes and building fees, and using technology to lower construction costs.
Steyer also said he wants to hold cities and counties more accountable to build more affordable housing. California’s median home price, consistently among the highest in the U.S., is expected to climb nearly 4% to $905,000 in 2026, after a projected 1% increase to $873,900 in 2025 from $865,400 in 2024, the California Realtors Association estimates.
“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 in his campaign video. ” We need to get back to basics.”
Steyer jumps into a crowded field for governor
Steyer, 68, is entering a crowded field for California governor, which so far includes current frontrunners former Congresswoman Katie Porter, Riverside County Sheriff Chad Bianco, and former Fox News Host Steve Hilton. There are also four Democratic contenders, including former US Secretary of Health and Human Services Xavier Becerra, State Superintendent of Public Instruction Tony Thurmond, former Los Angeles Mayor Antonio Villaraigosa, and former State Controller Betty Yee.
The last time California voters elected a Republican governor was Gov. Arnold Schwarzenegger in 2003.
Steyer, whose net worth is reportedly estimated to be around $1.6 billion, co-founded and ran the hedge fund Farallon Capital Management and is seeking to capitalize on voters’ approval of Prop 50.
He spent more than $12 million during his self-promoted “Stick It to Trump” campaign. This included two commercials, a spoof of President Donald Trump watching the results of Prop 50 passing, throwing French fries, and saying, “I hate California.” Another spot had Steyer accusing the president of trying to rig the 2026 midterm elections and bluntly urging California voters to “let’s stick it to Trump!”
But Steyer may have to tone down his anti-Trump messaging and not come across as a bit unbalanced, while also tackling topics specific to California voters, said Brian Sobel, a longtime Bay Area-based political analyst.
Sobel believes Prop 50 helped Steyer’s cause to test the campaign waters for governor, as his timing is just right to join a heated battle that’s starting to percolate with less than a year before Election Day.
“It will be interesting, because in my view, Steyer will have to control his temperament. He is going to have to be more relaxed, more conversational, and less confrontational, especially in a congested,” Sobel said.
“Steyer can’t afford to come off as an angry man, the ‘anti-Trump’ guy,” Sobel continued. “He’s going to have to focus and provide a platform and solutions that speak directly to Californians.”
