Tom Steyer’s Surprise Run: Billionaire Climate Activist Accelerates California Governor Race Shake-Up

Tom Steyer, the billionaire investor-turned-activist, formally entered California’s 2026 governor’s race last month, pledging to “make the Golden State affordable again” by building one million homes, slashing utility rates and banning corporate money in Sacramento. Steyer’s launch video marked a striking pivot: the onetime presidential contender who spent $200 million elevating climate change in 2020 did not utter the word “climate.” Instead, he cast himself as a populist outsider ready to “take on greedy corporations” that he says drive California’s cost-of-living crisis. Campaign strategist Rebecca Katz summed up the new message bluntly: “Everyone knows this race is really about affordability”. Early polling shows the 68-year-old hedge-fund founder starting at just 1 percent, a reminder that California voters have historically rebuffed self-funded billionaires. Yet Steyer’s virtually unlimited war chest—he spent $342 million on his 2020 White House bid—ensures his populist ads railing against Pacific Gas & Electric and high rents will blanket airwaves through next June’s primary. Analysts say the “affordability first” strategy reflects shifting voter priorities. An October Public Policy Institute poll found only 2 percent of likely voters rank climate or pollution as the state’s top issue, while inflation and housing dominate concerns. “If you’re talking climate when people can’t pay the rent, they roll their eyes,” former Assembly Speaker Anthony Rendon told Politico. Still, Steyer’s decade as a climate philanthropist remains both asset and target. Allies argue his green credentials are “impeccable,” predicting that a Governor Steyer would quickly revive bold emissions goals once in office. Rivals have already resurfaced Farallon Capital’s historic coal and private-prison investments, charges Steyer says motivated his 2012 exit from the firm. Beyond biography, the campaign is testing whether progressive populism can resonate in a state saddled with $2,600 average rents and the nation’s highest poverty rate once housing costs are factored. Steyer’s housing plank promises rapid permitting, state-backed financing and conversion of surplus government land. His energy plank vows to break up investor-owned utilities and accelerate rooftop solar. The crowded Democratic field—including Rep. Katie Porter, former L.A. Mayor Antonio Villaraigosa and tech entrepreneur Jon Slavet—has so far avoided climate talk as well, focusing on taxes, public safety and homelessness. That leaves Steyer gambling that voters will reward a billionaire who rails against billionaires—and that he can re-introduce his climate crusade after securing the governor’s mansion.