Developer Rick Caruso Files to Run for Mayor                                                                        ...back >
Feb. 11, 2022 (updated Feb. 12) - Rick Caruso, a billionaire developer with movie star looks, filed his "declaration of intention to become a candidate" for Mayor of Los Angeles on Friday afternoon.  As Caruso attempted to speak to reporters after filling out his paperwork, a heckler harangued him for several minutes, shouting that Los Angeles does not need a billionaire as mayor.  Caruso made a very brief statement and left:
"It's a very meaningful day for me and my family.  I love Los Angeles.  I love the diversity of Los Angeles.  I'm eager to be a part of this.  We're going to have more to talk about next week.  I look forward to spending more time with you and having a longer conversation, but for now wish you a great Super Bowl weekend and go Rams!"
Caruso, 63, is best known for developing such high end properties as The Grove LA and The Americana at Brand in Glendale, but his company has developed many properties in the Southland.  He started out as an attorney before turning his focus to real estate in the late 1980s.  His public service experience includes commissioner on the Los Angeles Department of Water and Power during the administration of Mayor Tom Bradley and president of the Los Angeles Police Commission under Mayor James Hahn.  His philanthropic work includes support for Operation Progress and SCS Noonan Scholars, focusing on educating children in Watts and South Los Angeles.
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      Sept. 2018 - Rick Caruso inspects work Palisades Village shortly before its opening.
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Analysis: Caruso's wealth could help him put together a formidable campaign, but it also poses his greatest challenge.  Caruso is immensely wealthy.  Forbes puts his net worth as of Feb. 2022 at $4.3 billion, while the Los Angeles Business Journal put the figure at $5.9 billion in 2021.  Caruso will have to show that he can connect with ordinary Angelenos.  One can guarantee charges of "buying the election" and attack ads featuring his $100 million superyacht Invictus.  Talk to a handful of Democrats and one is likely to find several expressing skepticism about billionaires running for office, as did the heckler.  One might call this "the Bloomberg effect."  Michael Bloomberg, the billionaire former Mayor of New York City, by most accounts did a good job in that role.  He sought the 2020 Democratic presidential nomination, put together a formidable campaign team with top talent, and spent heavily, but his candidacy failed to gain traction and fizzled.  Caruso might also be compared to Richard Riordan, a moderate Republican who built up a fortune in private equity and property and was elected to serve two terms as L.A. mayor from 1993 to 2001.  Riordan's wealth was only in the tens of millions, however.

In a Jan. 23 statement Caruso wrote, "Los Angeles faces an existential crisis of homelessness, crime, and corruption." He signaled an outsider campaign, stating, "No one believes that the same group of politicians who allowed our city to become this unsafe, corrupt and cruel can solve any of the problems we face."  Caruso's most formidable opponents include veteran Democratic politicians, notably Congresswoman Karen Bass, the early favorite, City Councilman Kevin de León, City Councilman Joe Buscaino and L.A. City Attorney Mike Feuer—all with a decade or more experience in elected office.

Caruso describes himself as "a true political centrist – because neither the Democratic nor the Republican parties captured what I believed we needed to do as a nation."  On Jan. 24, 2022, he changed his voter registration from no party preference to Democrat.  In a letter [PDF] explaining the move, he pointed to the events of Jan. 6, 2021.  Caruso wrote, "Things have changed."  He pledged to be "a Get Real, Can Do Democrat – a Common Sense Democrat who isn't interested in what the special interests have to say."

That Los Angeles faces serious challenges is evident.  Rick Caruso cannot be discounted, but he will have to show Angelenos that he is best suited to take on these challenges and has workable solutions to address them.

See also:

@RickCarusoLA  |  caruso.com

CREPedia.  "Rick J. Caruso  |  Biography Of The Founder Of Caruso Affiliated"  Optometric, Inc., 2021.

"The 2021 Wealthiest Angelenos."  Los Angeles Business Journal, Aug. 30, 2021.
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During the six day filing period, which ran from Feb. 7 to Feb. 12, 27 candidates filed for mayor, and dozens of others filed for City Attorney, Controller, odd-numbered City Council districts, and even numbered LAUSD districts at the City Clerk's Election Division Office at Piper Technical Center in downtown.  Filing is only the first step; candidates must also circulate nominating petitions, which must be submitted by March 9.  The primary occurs on June 7.
Los Angeles City Clerk Holly Wolcott.
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