Billionaire environmental activist Tom Steyer has officially announced his campaign for California governor in the 2026 race, joining a crowded and competitive field focused on the state’s mounting affordability and housing challenges. Steyer, a former presidential candidate and global climate advocate, outlined a progressive platform promising to build one million new homes in four years, break up energy monopolies, and ban corporate campaign contributions.
Steyer’s Background and Platform
Steyer, 68, founded one of the nation’s largest hedge funds and later shifted his focus to environmental and political advocacy. He has spent hundreds of millions supporting Democratic causes and ballot initiatives targeting oil and tobacco companies, corporate tax loopholes, and redistricting reform. Despite past controversy over his firm’s investment links to coal mining and migrant detention centers, Steyer emphasized his departure from finance and long-standing regret for those projects.
The 2026 Race Landscape
With Governor Gavin Newsom term-limited and several high-profile Democrats opting not to run, most California voters remain undecided about who should lead the state next. Steyer’s deep pockets and outsider status could disrupt Sacramento’s status quo and add intensity to the debate over cost-of-living, climate policy, and educational reform.
Steyer’s Vision for California
In his announcement, Steyer argued that entrenched corporate power is “running over” those who “make this state run,” vowing to make California more affordable and accountable to ordinary residents. His campaign promises include expanding preschool and community college access, lowering energy costs, and revamping housing policies to address the urgent needs facing Californians across income levels.
Tom Steyer’s candidacy is now set to bring new energy—and plenty of campaign funds—to the Golden State’s pivotal 2026 election.