Billionaire Developer Reconsidering Run for LA Mayor

Rick Caruso may challenge incumbent Karen Bass amid controversy over fire report

Published on Feb. 5, 2026

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Billionaire real estate developer Rick Caruso is reconsidering his decision not to run for mayor of Los Angeles this year, following a report that Mayor Karen Bass directed the watering down of an after-action report on the Palisades Fire. Caruso has criticized Bass' handling of the issue, saying she "completely failed us." The deadline for Caruso to file a declaration of intention to run in the June primary election is this Saturday.

Why it matters

The potential Caruso mayoral run would shake up the political landscape in Los Angeles, as he would be challenging the incumbent mayor, Karen Bass, who has faced criticism over her handling of the Palisades Fire report. This could be a high-profile race that garners national attention.

The details

According to the report, Mayor Bass directed the Los Angeles Fire Department to water down an after-action report on the Palisades Fire, which caused significant damage in 2021. Bass' office has denied the allegations, calling the report "muckraking journalism." Caruso, a billionaire developer, had previously announced he would not run for governor or mayor, but is now reconsidering that decision with the deadline to file for the June primary just days away.

  • The Palisades Fire occurred in 2021.
  • Mayor Bass reviewed an early draft of the fire report.
  • The Los Angeles Times published its report on February 5, 2026.
  • The deadline for Caruso to file a declaration of intention to run in the June primary election is noon on Saturday, February 8, 2026.

The players

Rick Caruso

A billionaire real estate developer who is reconsidering a run for mayor of Los Angeles.

Karen Bass

The current mayor of Los Angeles who has been accused of directing the watering down of an after-action report on the Palisades Fire.

Los Angeles Times

The newspaper that published the report alleging Mayor Bass directed the watering down of the Palisades Fire report.

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What they’re saying

“Karen Bass completely failed us.”

— Rick Caruso (Twitter)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This potential mayoral race between Caruso and Bass would be a high-stakes battle that could have significant implications for the future of Los Angeles. The controversy over the Palisades Fire report has raised questions about transparency and accountability in city government, which could be a key issue in the campaign.