Billionaire Developer Rick Caruso Declines 2026 LA Mayoral Run

Caruso cites "thoughtful process" in deciding not to challenge incumbent Mayor Karen Bass

Published on Feb. 5, 2026

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Billionaire developer Rick Caruso has decided not to run for mayor of Los Angeles in 2026, a last-minute twist less than three days before the deadline to enter the race. Caruso had been reconsidering a run, citing a recent Times article that described Mayor Karen Bass' involvement in watering down an after-action report on the Palisades fire. However, Caruso's political consultant said the developer had reached an earlier decision in a "thoughtful process" and would not be a candidate.

Why it matters

Caruso's decision not to run reaffirms the one he made last month, when he announced he would not seek the mayor's office or run for governor. Caruso, a former Republican who registered as a Democrat in 2022, had been a high-profile challenger to Bass in the 2022 mayoral election, spending $100 million of his own fortune but losing by 10 percentage points.

The details

Caruso, the developer of popular malls like The Grove and The Americana at Brand, had been reconsidering a mayoral run this year, citing a Times article that described Mayor Karen Bass' involvement in watering down an after-action report on the Palisades fire. Caruso, whose son and daughter lost their homes in the Palisades fire, called the reporting an "absolute outrage" and accused Bass of covering up the actions that led to people dying. However, Caruso's political consultant said the developer had reached an earlier decision in a "thoughtful process" and would not be a candidate.

  • On February 5, 2026, Caruso confirmed he will not run for mayor.
  • Caruso had announced in January 2026 that he would not run for mayor or governor.

The players

Rick Caruso

A billionaire developer and former Republican who registered as a Democrat in 2022. Caruso ran against Karen Bass in the 2022 mayoral election, spending $100 million of his own fortune but losing by 10 percentage points.

Karen Bass

The incumbent mayor of Los Angeles, who was accused by Caruso of covering up details in an after-action report on the Palisades fire.

Mike Murphy

A political consultant for Rick Caruso.

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What they’re saying

“Rick is incredibly moved by outpouring of support but reached an earlier decision in a thoughtful process and it stands. He will not be a candidate for mayor.”

— Mike Murphy, Political consultant for Rick Caruso (latimes.com)

“Karen Bass actively covered up a report meant to examine the most significant disaster in Los Angeles history. This is a complete loss of public trust and an intentional act of covering up the actions that led to people dying.”

— Rick Caruso (latimes.com)

The takeaway

Caruso's decision not to run for mayor reaffirms his earlier announcement and removes a high-profile challenger to incumbent Mayor Karen Bass, who had faced criticism from Caruso over her handling of the Palisades fire. This development leaves the 2026 Los Angeles mayoral race more open, with Supervisor Lindsey Horvath still weighing a potential run.